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Swiss leader says Trump administration foresees ‘privileged’ talks with 15 countries on US tariffs
The president of Switzerland, Karin Keller-Sutter, disclosed that the United States has selected 15 nations for “privileged” discussions aimed at resolving contentious tariffs that have unsettled global trade dynamics. This information was reported by the Associated Press (AP).
Keller-Sutter expressed her contentment with the recent negotiations held in Washington, which included participation in an International Monetary Fund conference and a pivotal one-on-one with Scott Bessent, the US Treasury Secretary. She concurrently holds the position of finance minister in Switzerland.
In statements made on Thursday, she pointed out that the US has identified a specific group of nations, including Switzerland, to expedite a resolution regarding tariffs. The exact identities of the other 14 countries remain undisclosed; however, Keller-Sutter described these negotiations with the US as having a degree of privilege.
Prior to a halt in some of its most stringent tariff measures, the Trump administration had set a 31% tariff on Swiss imports, notably higher than the 20% that applied to goods from the European Union, which Switzerland does not belong to.
According to the Swiss embassy in Washington, the US has been the leading destination for Swiss exports since 2021, while Switzerland ranks as the fourth largest market for US services. The total trade volume between the two nations in goods and services reached an impressive $185.9 billion in 2023.
Keller-Sutter announced plans for a memorandum of understanding to formalize the commencement of negotiations and outline key agenda points, noting that establishing a specific contact within the US administration is a challenging task.
The consensus from US authorities indicates a willingness to collaborate with Switzerland towards a solution, with Keller-Sutter emphasizing the urgency to proceed given that economic uncertainty is detrimental.
The sweeping tariffs enacted on April 2 by Trump led to volatility in global stock markets. In a subsequent phone call with Keller-Sutter, Trump discussed matters pertaining to tariffs, during which she highlighted the significant contributions of Swiss companies and investments in the US economy.
Trump’s announcement to suspend the new tariffs on approximately 60 nations for a 90-day period fueled speculation in Swiss media about whether Keller-Sutter’s conversation with Trump influenced this decision.
On a related note, during a visit to Beijing, Swiss foreign minister Ignazio Cassis remarked that the tariffs had catalyzed a collective response from affected countries, working towards a resolution. Additionally, Swiss pharmaceutical giant Roche recently declared an intention to invest $50 billion in the US over the next five years, further indicating the importance of Swiss-American economic ties.
China says US deep-sea mining plan ‘violates international law’
In a stern warning, China criticized the US for its initiative to expedite deep-sea mining permits, claiming it contravenes international law. The accusation followed the signing of a White House order aimed at facilitating the issuance of exploration licenses beyond US jurisdiction, as reported by Agence France-Presse (AFP).
Guo Jiakun, a spokesperson for the Chinese Foreign Ministry, expressed that the US’s actions undermine the broader interests of the international community.
President Donald Trump enacted an executive order requiring the acceleration of seabed mineral exploration and recovery permits, reflecting a push to make the US a dominant force in seabed resources and counterbalance China’s influence.
The potential for mineral extraction from the seabed has long intrigued private enterprises and governments. However, most have delayed operations pending regulations from the International Seabed Authority (ISA), established in the 1990s. Notably, the US has not ratified agreements establishing the ISA’s authority, which further complicates its standing on the issue.
China’s foreign officials underscored that the US’s latest moves illustrate a unilateral and hegemonic approach to global governance.
China’s top leaders pledge economic support as trade war rages
On Friday, leaders in China committed to enhancing support for their economy while opposing “unilateral bullying” within the context of global trade—implicitly critiquing the extensive tariffs imposed by US President Donald Trump.
The ongoing trade conflict between the US and China has led to significant market instability, prompting major manufacturers to reconsider their supply chain strategies.
Since his return to the White House, Trump has placed 10% tariffs on most trading partners, with China facing the steepest challenges and products seeing tariffs as high as 145%. China has retaliated with substantial tariffs of its own on American goods.
Despite claims from a spokesperson at Beijing’s commerce ministry indicating a lack of ongoing negotiations with the US, Trump maintained that discussions were taking place.
In a noteworthy development, reports from the Chinese media suggest that Beijing is contemplating exempting select US semiconductor products from recent tariffs, although there was no immediate comment from the commerce ministry to confirm or deny these discussions.
Additionally, the Hill reported that China has annulled 12,000 metric tons of pork shipments from the US, the largest cancellation of such orders since the onset of the COVID-19 pandemic, according to US Department of Agriculture data.
Source
www.theguardian.com