Swiss didn't make a deal with the devil on US tariffs, minister says

Switzerland did not make a deal with the devil by agreeing a new tariff framework with the United States, Economy Minister Guy Parmelin said on Sunday, rejecting criticism that it amounted to "surrender" in Donald Trump's trade war.

The non-binding framework trade agreement, announced on Friday, promises a lower U.S. import tariff rate of 15% for Switzerland - down from 39% - in return for $200 billion in investments by Swiss companies in the U.S.

"We haven't sold our soul to the devil," Parmelin said in an interview with the Tagesanzeiger newspaper.

The minister said he was "satisfied" with the deal and argued that Swiss companies had been eyeing more U.S.-based production even before Trump.

Swiss industrial groups have welcomed the agreement, which puts companies on an equal footing with those in the EU following a similar deal between Brussels and Washington.

However, opposition parties have voiced concern over concessions and questioned the transparency of the negotiations, in which executives from Swiss companies like watchmaker Rolex and luxury goods group Richemont also lobbied Washington for relief.

Switzerland hopes the lower tariff rate will be activated within days or weeks - but the framework agreement is non-binding, with further negotiations expected.

A final agreement must go through the Swiss parliament and could be put to the public in a referendum.

Switzerland's second-biggest party, the Social Democrats, has cautiously welcomed the deal, but the Greens have called it a "surrender agreement", saying it puts Trump's interests before those of Swiss farmers and consumers.

As part of the deal, Switzerland has agreed to reduce Swiss import duties on a number of U.S. products across agricultural and industrial sectors.