In its top pharmaceutical industry Swiss He focused on the United States Commerce Minister of Commerce Lutnik, saying that the country is “so rich” due to huge exports of drugs to USA.
“The Swiss say it is a small country of only 9 million people, a small country, a rich country. And how did they become so rich? We are selling medicines as if they are out of fashion, right? They make so much money from America, so they are rich. So let’s hear what they have to say, “Howard Lutnik said on Friday (5.9.25) in an interview with Bloomberg Television’s Surveillance show.
Lutnik’s comments come before another meeting between US and Swiss officials, following the failure of trade talks last month, which led to a 39% tariff rate for the European country. The US government has repeatedly criticized Switzerland, which is not part of the European Union for its large surplus current transactions.
The Swiss argue that the trade balance of goods is distorted by various factors, including gold, which is refined only in Switzerland. Officials have also highlighted the services, where the situation is reverse.
Lutnik is hoping for a significant progress in meeting with Swiss Vice President Guy Parmelen, who has traveled to the US. “I’m not optimistic.”
Pharmaceuticals are the largest export sector in Switzerland and the country hosts Novartis AG and Roche Holding AG, which are among the largest pharmaceutical companies in the world. Roche President Severin Schwan helps the Swiss government to achieve a better trade agreement.
So far, pharmaceutical companies have been excluded from duties – simply because the US government is preparing a separate tax on drugs based on different legal power – and Howard Lutnik’s comments are the strongest public comments so far in relation to this Swiss industry.
“Now you go to Switzerland, 9 million people. I mean, what will they offer to the American exporter, compared to the size and scale with which they export and make money from us? ” said by Howard Lutnik.