U.S. Cuts Swiss Tariff From 39% to 15% After Roche and Novartis Pledge $73B in U.S. Factories

On November 14, 2025, the U.S. and Switzerland announced a framework trade deal slashing tariffs on Swiss imports from 39% to 15%. In exchange, Switzerland pledged $200 billion in U.S. investments by end of 2028, with Roche and Novartis committing a combined $73 billion over five years to produce key drugs for U.S. patients on American soil. The deal capped pharma tariffs ahead of anticipated Section 232 national security duties that could have hit 100%.