‘We haven’t sold our soul to the devil,’ Swiss defend U.S. trade deal

Switzerland’s fledgling trade deal with the U.S. is dividing opinion as government and business leaders welcome a “restart” for the country, while critics caution it amounts to a sellout to the White House.

The trade deal, announced on Friday, saw duties on Swiss exports to the States slashed from 39% to 15% and Swiss companies pledge to make $200 billion in investments in the U.S., including promises to increase manufacturing Stateside.

Switzerland had launched a charm offensive ahead of the deal, sending a group of top Swiss CEOs — including the heads of luxury goods giants Rolex and Richemont — to the States in early November, bearing gifts for U.S. President Donald Trump, including a gold Rolex watch and specially-engraved gold bar.

While Switzerland’s lobbying helped it secure its new framework trade agreement with the U.S., the deal drew criticism over the weekend.

The Greens, for example, called the deal a “surrender agreement” with party leader Lisa Mazzone reportedly saying the “the Swiss economic elite and the Federal Council are bowing down to Donald Trump” with Swiss consumers and farmers likely to pay the price.

The party also questioned the involvement of business execs, saying the government had bought the deal with “questionable methods and gifts of gold.”

Swiss Economy Minister Guy Parmelin rejected criticism that the deal amounted to a capitulation to Trump, and also defended the use of business leaders to woo the White House.

“We haven’t sold our soul to the devil,” Parmelin said in an interview with the Tagesanzeiger newspaper this weekend, adding that he was “satisfied” with the agreement and suggested it could still be tweaked and improved.

“I would be proud if we were back to zero percent tariffs. It’s been a long road, and the result is the best we could achieve. Above all, it gives us a starting point for the next negotiations,” he told the paper in comments translated by Google.

Parmelin said business execs who had travelled to Washington were only there to “explain their position” and how tariffs were affecting trade. He conceded, however, that the trip had had a positive impact on talks.

“But it’s true: they have influence because they have many good contacts in the U.S. — and not just with the Trump family. Some are friends with him because they play golf with him. I don’t play golf, that’s perhaps my handicap — but that’s life,” Parmelin said.

Swiss industry leaders are certainly relieved that a framework agreement has been reached but it will take time to implement. Question marks remain over some of the…