Swiss euphoria at securing lower US trade tariffs has given way to a backlash over “oligarch diplomacy” and the role executives played from companies including Rolex and Richemont.
An outline agreement Washington and Bern announced this month would reduce average US levies on Swiss industrial exports from 39 per cent to 15 per cent. Swiss officials lauded the pact as a significant achievement after months of lengthy negotiations and at times deadlock with the White House.
However, the manner in which the deal was reached has drawn criticism at home that may delay the political process needed to conclude the full agreement and could threaten its ratification.
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