Watchmakers in Zurich shine after US tariffs ease, Swatch and Richemont sprint

(Il Sole 24 Ore Radiocor) - Watchmakers are shining on the Zurich Stock Exchange thanks to the improvement in the face of heavy US tariffs, which are dampening exports to the US market. Swatch is up more than four points and Richemont is up two, while the SMI index is up about one point. US President Donald Trump said Monday that he is working with Switzerland to reach an agreement aimed at reducing the 39% tariff on Swiss exports.

" We're working on an agreement to reduce their tariffs a little ," Trump said during a press briefing in the Oval Office. "I haven't set any numbers, but we'll work to find a solution that helps Switzerland," the president added. On Sunday, the newspaper Blick reported that Switzerland may be close to securing a reprieve from US tariffs, following a visit by several business leaders to the president, which helped thaw relations. Also because, some commentators noted, Swiss managers have honored Trump with lavish gifts.

A letter of intent to resolve the trade impasse is expected in the coming weeks, the newspaper said, without citing sources, before an agreement is presented at the World Economic Forum in Davos in January. If all goes as planned, Trump and Swiss President Guy Parmelin, who will also be Economy Minister, will present a plan for US import tariffs comparable to the 15% tariffs Washington has already agreed upon with the European Union . The Swiss Economy Ministry declined to comment on the reports.

According to Blick , the executives presented Trump with a watch and a gold bar provided by Marwan Shakarchi, CEO of the Swiss gold refiner MKS Pamp. The watch is believed to be the gold-plated desk clock that actually appeared on Trump's desk, a Rolex product (the CEO was present at the meeting). According to a Hodinkee article, it was not given to the president, but to the "people of the United States." The Swiss delegation also included executives from MSC, Partners Group, Mercuria, and Richemont. The Swiss mission, described as informal, was organized after a disastrous initial telephone conversation between Swiss President Karin Keller-Sutter and Trump.