Swiss Rebuff U.S. Push for Discretion Over Billions in Investments

The U.S. Commerce Department pressed Switzerland during recent trade negotiations to commit billions of dollars in investments that Washington could allocate at its own discretion, but Swiss officials firmly declined, according to sources familiar with the discussions. The request surfaced ahead of a November 14 framework agreement in which the United States agreed to cut tariffs on Swiss goods from 39% to 15%, while Swiss companies pledged $200 billion in U.S. investments by 2028.

The demand reportedly mirrored an arrangement Washington said it had reached with Japan, prompting U.S. Commerce Secretary Howard Lutnick to urge Swiss negotiators to provide investment funds for U.S.-directed use. Swiss business leader Alfred Gantner revealed that American officials had asked for $100 billion to be placed at their disposal—an idea Swiss trade officials rejected outright. Despite pressure from Lutnick even in later negotiation stages, Switzerland maintained its position, declining to hand over discretion on how its investments should be spent.

While the push from Lutnick was ultimately ignored, the meeting between U.S. President Donald Trump and Swiss business leaders earlier in November helped accelerate tariff-rollback talks. The Swiss Economy Ministry declined to comment on specific negotiation details, while the U.S. Commerce Department did not immediately respond to requests for comment.

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