U.S.–Swiss Trade Pact Would Spare Swiss Drugs From Proposed Levy

The United States and Switzerland are close to completing a bilateral trade accord that would shield Swiss drug exports from a proposed U.S. pharmaceutical levy, according to people familiar with the draft text. A provision in the agreement would give Switzerland “preferred treatment” in ongoing national-security investigations that could otherwise trigger tariffs on foreign medicines. The clause requires Washington to consult Bern before imposing any duties, effectively exempting Swiss pharmaceutical shipments unless both sides agree on changes. The measure would benefit Switzerland’s large life-sciences sector, including Novartis and Roche, which together send billions of dollars’ worth of medicines to the U.S. each year. Negotiators are still refining the language, and the deal must be approved by both governments before it can take effect.