The Swiss government said on Wednesday that a previously announced agreement to reduce U.S. tariffs on that country's imports to a ceiling of 15% will apply retroactively to Nov. 14.
The deal reached last month slashed the 39% tariff on imports from Switzerland that President Donald Trump imposed in August.
The Swiss Federal Department of Economic Affairs, Education and Research said Wednesday that both countries can claim customs refunds from the effective date.
"With the US tariff ceiling set at 15%, trade-weighted US tariffs on Switzerland will fall by around 10% on average, the department said in a statement. "This will significantly improve access to the US market for Swiss companies."
The United States was the top destination for Swiss exports in 2024. Switzerland's government in October cut its economic forecast for the country, citing the U.S. tariff rate that was in effect until November's deal to slash it.
In exchange for the lower ceiling, Switzerland agreed to reduce tariffs on imports from the United States of fish, seafood, and some agricultural products, the department said.
Switzerland also established duty-free bilateral quotas for the U.S. on 500 metric tons of beef, 1,000 metric tons of bison meat, and 1,500 metric tons of poultry meat annually.
Switzerland also pledged to invest around $200 billion in the U.S. by the end of 2028.
"In addition, based on the joint statement, the US is to lift the general additional tariff on further Swiss export products, including aircraft, certain aviation-related parts, rubber products, cosmetics and generic drugs," the department said. "The list will be published in the US Federal Register. Switzerland is seeking further exemptions."