Switzerland Reciprocal Tariff Cuts Take Retroactive Effect Nov. 14
Cuts to reciprocal tariffs under a recent trade deal with Switzerland and Liechtenstein will take retroactive effect Nov. 14, according to a notice from the Commerce Department and U.S. Trade Representative.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
Starting from that date, imports from Switzerland and Liechtenstein will be subject to a 15% total most-favored nation plus reciprocal rate if their MFN rate is under 15%. Goods with an MFN rate over 15% will have a zero reciprocal tariff rate. The structure mirrors other recent deals the U.S. has concluded with the European Union, Japan and South Korea.
The notice also lists tariff subheadings for certain agricultural goods, unavailable natural resources, civil aircraft and generic pharmaceuticals and ingredients that are exempt from reciprocal tariffs effective Nov. 14.
“To the extent that implementation of this notice requires a refund of duties collected, refunds shall be processed pursuant to applicable law and the standard procedures of CBP for such refunds,” said the notice, which takes effect Dec. 18.