Switzerland plans to continue negotiating with the US to lower tariffs from the 39% that kicked in on Thursday and will refrain from implementing countermeasures.

Switzerland will continue talks with the United States, its president said on Thursday, after President Donald Trumpplaced crippling import tariffs on Swiss goods, which threaten to inflict serious damage on its export-focused economy.

Switzerland removed tariffs on nearly all imports in 2024, and had virtually free access to its markets for U.S. products. But Keller-Sutter said last week that Trump was focused on its trade surplus with the United States, which amounted to 38.5 billion Swiss francs ($48 billion) last year.

Apple Inc. committed to spending another $100 billion on domestic manufacturing ahead of an event with President Donald Trump, marking the latest pledge by the tech giant to increase US production as it seeks to avoid punishing tariffs on its flagship iPhones.