President Donald Trump recently scaled back tariffs on certain food products and reached a new trade deal with Switzerland to lower the country’s levy rate in exchange for U.S. economic investments.
Four things to know:
1. President Trump signed an executive order Nov. 14, exempting certain agricultural imports from reciprocal tariffs first announced April 2. Most exemptions apply to foods not produced in the U.S., including coffee, bananas and beef.
2. The president also shared plans Nov. 14 to significantly reduce levies on imports from Switzerland. The U.S. imposed a 39% tariff on the country in early August, one of the highest levies announced for a developed nation under the current administration. Under a new trade deal, this tariff will drop to 15%, including for pharmaceuticals, matching rates in the European Union.
3. Through the deal, Swiss and Lichtenstein companies will also invest at least $200 billion in the U.S., across sectors including pharmaceuticals and medical devices, with at least $67 billion slated for 2026.
4. The deal comes after Roche and Novartis — both based in Basel, Switzerland — have committed to significant U.S. manufacturing investments. In April, Novartis said it would invest $23 billion over the next five years to expand manufacturing and research in the U.S. In May, Roche shared plans to invest up to $550 million in its Indianapolis diagnostics site by 2030.
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