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Geneva, Switzerland--The Swiss government said a new agreement capping U.S. tariffs on Swiss imports at 15% will apply retroactively to Nov. 14. According to a report by CNBC, both countries will be able to claim customs refunds from that date.

[Image via iStock.com/zimmytws]

The agreement, reached last month, replaces a 39% tariff imposed by U.S. President Donald Trump in August. The report stated that the revised ceiling will reduce trade-weighted U.S. tariffs on Switzerland by about 10% on average.

"With the US tariff ceiling set at 15%, trade-weighted US tariffs on Switzerland will fall by around 10% on average," the Swiss Federal Department of Economic Affairs, Education and Research said, as cited in the report.

The United States was Switzerland's largest export destination in 2024. As per the report, Switzerland lowered its economic forecast in October, citing the higher tariff rate that remained in place until the November agreement.

In exchange for the tariff reduction, Switzerland agreed to cut duties on U.S. imports of fish, seafood, and certain agricultural products. The report noted that Switzerland also set duty-free annual quotas for U.S. exports of 500 metric tons of beef, 1,000 metric tons of bison meat, and 1,500 metric tons of poultry.

Switzerland also committed to investing about $200 billion in the U.S. by the end of 2028. The report added that the U.S. plans to lift additional tariffs on some Swiss exports, including aircraft, aviation-related parts, rubber products, cosmetics, and generic drugs, with details to be published in the U.S. Federal Register.

Learn more in this report by CNBC.