How Novartis calculates the $50 billion it has pledged to the United States is not publicly known.Image: KEYSTONE
With an investment commitment of $200 billion from private companies, Switzerland lured Donald Trump in order to obtain a tariff reduction. Only: Not even the Federal Council knows exactly how the sum is made up.
Dec 7, 2025, 8:34 a.mDec 7, 2025, 8:52 a.m
It was and is one of the key arguments that should persuade Donald Trump to show mercy to Switzerland regarding the exorbitant current 39 percent tariff rate: Swiss companies have assured the US President that they will invest $200 billion in the United States. As is well known, Trump agreed to a possible tariff reduction to 15 percent, even if this is still a long time coming.
But now it is clear that exactly how the companies’ high investment amount is made up is anything but transparent. Even the federal government has no idea how the number is formed exactly. That’s what she reports NZZ on Sunday. According to the newspaper’s information, neither Guy Parmelin’s economic department nor the entire Federal Council know which companies plan to invest and how much in the USA. It is also not clear how the high potential investments were calculated by the companies themselves.
Guy Parmelin doesn’t know what’s included in the $200 billion. Image: KEYSTONE
The Swiss-American Chamber of Commerce led by Rahul Sahgal, which conducted a survey among 1,500 member companies, gained an overview. As a result, the 200 billion should be distributed among around 60 companies. According to the Chamber of Commerce, how much each company contributes is “strictly confidential”. According to Sahgal, companies may suffer disadvantages if the competition knows about expansion and investment plans. Sahgal confirms that not even the State Secretariat for Economic Affairs (Seco) and the Federal Council know the exact amounts.
Knows more than the Federal Council: Rahul Sahgal in conversation with the US Ambassador to Switzerland, Callista Gingrich.Image: keystone
The fact that he is still working with the number in the negotiations raises questions. There is a suspicion that it may simply be a matter of presenting Donald Trump with a good-sounding number. The EU has already successfully pursued this strategy with Commission Chief Ursula von der Leyen when it pledged 600 billion EU investments in the USA. Although it is not really clear which companies contribute how much money and it was quickly explained that private sector investments cannot be legally controlled or controlled, the EU promptly received an agreement in July that reduced punitive tariffs on most goods to 15 percent.
Ursula von der Leyen promised Donald Trump $600 billion in EU investments in the USA.Image: keystone
The Swiss government is now using similar-sounding words. On Friday, on the occasion of the publication of the negotiating mandate, she commented briefly on the 200 billion in writing:
“These are advance announcements from the private sector that do not affect the public sector.”
According to NZZ information, those responsible at the federal government assume that the Americans will not examine the investments closely. Instead, symbolic gestures are particularly important to the USA. Both Switzerland and the EU seem to accept that there could be consequences if the USA suddenly demands precision or realizes that the promised investment volume will not be achieved. (con)