Bern: The Swiss government announced that the United States' decision to reduce tariffs to 15% from 39% will be applied retroactively to November 14.

According to Qatar News Agency, the Swiss Ministry of Economic Affairs explained in a statement Wednesday that lowering the tariff ceiling to 15% will reduce the average trade-weighted tariff by approximately 10%, thus improving Swiss companies' access to the US market.

The statement added that this move will enhance the competitiveness of Swiss companies, as they will once again enjoy conditions in the US market similar to those enjoyed by companies in the European Union (EU) or other US trading partners with similar economic structures.

US President Donald Trump had raised tariffs on Switzerland last August, justifying this by citing his country's trade deficit. However, the two countries reached a preliminary agreement on November 14 to reduce the tariffs again, in exchange for Swiss companies pledging to invest $200 billion in the United States by the end of 2028.