LOOMING ECONOMIC HIT
Keller-Sutter’s meeting with Rubio began at 10:15am (1415 GMT) and was scheduled to last one hour, according to the State Department.
“There are currently no plans to meet President Trump, but the situation could change,” a Swiss government official told Reuters.
Earlier in the day, the Swiss delegation met with key business leaders, including Roche Chairman Severin Schwan, Partners Group co-founders Alfred Gantner and Marcel Erni, and Daniel Jaeggi, president of commodity firm Mercuria. Further meetings with Swiss companies operating in the US were planned.
“We greatly appreciate the tireless commitment of the Federal Council and the Federal Administration,” said Noe Blancpain, executive board member of Swiss industry group Swissmem.
The US is a top destination for Swiss exports, including watches, machinery and chocolate, all of which would be hit hard by the proposed 39 per cent tariff, far exceeding the rates secured by Britain, Japan and the EU. Swiss business associations have warned that tens of thousands of jobs could be at risk.
Swiss cheese makers are particularly concerned, with the US accounting for 11 per cent of all cheese exports last year, including Gruyère and Emmentaler.
“The taxes are enormous,” said Anthony Margot, a fifth-generation cheese maturer. “We can’t replace a market like the United States overnight.”
The Swiss Market Index was down 1 per cent in early afternoon trading on Wednesday ahead of the tariff deadline.
WINNING OVER TRUMP
The latest push follows a July draft agreement between Switzerland and the US, which reportedly set tariffs at 10 per cent. But Trump abruptly reversed course last Friday following what officials described as a difficult phone call with Keller-Sutter.
Swiss sources denied a breakdown in relations but acknowledged the call did not go well.
“Trump’s team and the Swiss negotiators apparently already struck a deal. So it’s in their mutual interest to get it over the line with Trump himself,” said Claude Maurer, chief economist at Swiss think tank BAK Economics.
“Whoever is best positioned to make that happen will be important,” he added.
Keller-Sutter later wrote on social media that she and Rubio had discussed bilateral cooperation, the tariff situation and international issues.
She did not meet US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, or US Trade Representative Jamieson Greer during the trip.
