- New Tariff Framework Established: On December 18, 2025, the US Department of Commerce and the Office of the US Trade Representative announced a new trade framework that sets the tariff rate for products from Switzerland and Liechtenstein to the higher of the US most-favored-nation (MFN) rate or a total rate of 15%, which includes an additional International Emergency Economic Powers Act (IEEPA) tariff.
- Exemptions and Compliance Requirements: Certain products, such as selected agricultural goods, aircraft parts, and generic pharmaceuticals, may qualify for exemptions from IEEPA tariffs under specific conditions. Importers must review their Harmonized Tariff Schedule (HTSUS) classifications against the published annexes to determine eligibility for these exemptions.
- Action Steps for Importers: Affected businesses are advised to identify and reconcile entries of Swiss and Liechtenstein goods, update tariff classifications, assess the impact of the new tariff structure on pricing and budgets, and prepare for potential refunds or adjustments. Importers should also stay informed on developments related to the final trade agreement expected by March 31, 2026, which may affect future tariff rates.
Source EY
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