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Richemont and Swatch Group shares rose on Tuesday, after US President Donald Trump said he was working with Switzerland on a deal to lower the 39 percent tariff rate it faces on exports.
Swatch shares gained 4.2 percent in early trading, while Richemont shares were 2 percent higher. Both companies’ shares had fallen after Trump announced the import duties on Swiss products which went into effect in August.
The United States is working with Switzerland on a deal to lower the 39 percent tariff rate it faces on exports to the US, Trump told reporters in the Oval Office on Monday.
“We’re working on a deal to get their tariffs a little bit lower,” Trump said. “I haven’t set any number, but we’re going to be working on something to help Switzerland.”
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By John Revill
Learn more:
Switzerland Moves Close to Securing Improved 15% US Tariff Deal
A 15 percent tariff on Swiss exports to the US would be a significant improvement from the previous 39 percent levy.
