The U.S. government has formally moved to implement tariff changes tied to the new United States–Switzerland–Liechtenstein Framework for a Fair, Balanced, and Reciprocal Trade Agreement, announced November 14, 2025. Under authority granted by Executive Order 14346, the Department of Commerce and USTR have amended the Harmonized Tariff Schedule (HTSUS) to activate the tariff-related elements of that Framework.

Effective for goods entered on or after November 14, 2025, the United States will now apply the higher of either the normal Column 1/Most Favored Nation (MFN) duty rate or a flat 15% tariff (the Column 1/Most Favored Nation (MFN) rate plus a “reciprocal tariff”) on most products of Switzerland and Liechtenstein. Select categories—including certain agricultural goods, unavailable natural resources, aircraft and aircraft parts, and generic pharmaceuticals/ingredient chemicals—will see specific adjusted tariff levels, and some products are exempted entirely from reciprocal tariffs under the Framework’s PTAAP annex.

This action also supersedes certain additional ad valorem duties that had applied under the earlier reciprocal tariff regime (Executive Order 14257). For products with an Column 1/Most Favored Nation (MFN) rate below 15%, the tariff is now brought up to a combined 15%. For Column 1/Most Favored Nation (MFN) rates already at or above 15%, no additional reciprocal duty is added. Refunds for over-collected duties, where applicable, will be handled under standard CBP procedures.

We are currently running reports to capture entries entered on or after November 14, 2025 with the higher 39% duty rate for reciprocal tariffs.  We will reach out directly to affected importers with entries that can be revised to the lower combined 15%. 

These modifications are being implemented with the expectation that the full trade agreement will be finalized by Q1 2026. If negotiations fail by March 31, 2026, the United States may reconsider or reverse these tariff adjustments.

Shapiro will continue to monitor developments closely and provide updates as new information becomes available.