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US is now in surplus with Swiss trade

Tuesday, 27 January 2026 06:35

In the tariff dispute with Switzerland, Donald Trump is suddenly short one key argument.

The U.S. trade deficit with Switzerland has flipped into a surplus of nearly CHF 9bn, according to new figures from the U.S. Department of Commerce.

The turnaround is due to a sharp drop in Swiss gold exports. 

The figure was raised by Swiss President Guy Parmelin during talks with Trump in Davos. 

The U.S. president reportedly reacted with surprise. 

Meanwhile, Swiss companies are gearing up for new negotiations with Washington, as business leaders are being asked to detail planned investments in the United States ahead of a revised tariff deal.

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