2025-11-14 21:01

Swiss government says US tariff rate to fall to 15% from 39% US trade chief Greer says Switzerland to shift some manufacturing to US Swiss companies to invest $200 billion in US by end-2028 Swiss industry applauds deal to reach parity with EU competitors ZURICH, Nov 14 (Reuters) - The United States and Switzerland announced a framework trade agreement on Friday that includes Washington slashing its tariffs on imported Swiss products to 15% from 39% and a pledge by Swiss companies to invest $200 billion in the U.S. by the end of 2028. The United States and Switzerland, joined by Liechtenstein, aim to conclude negotiations to finalize their trade deal by the first quarter of 2026, the White House said in a statement. Sign up here. U.S. Trade Representative Jamieson Greer said the agreement tears down longstanding trade barriers and opens new markets for American goods. He welcomed "massive Swiss investment to help reduce our deficit in pharmaceuticals and other key sectors" that will generate thousands of jobs across the U.S. At least $67 billion of the $200 billion in pledged Swiss investments in the United States will come in 2026, the White House said in a statement , opens new tab. The total includes prior U.S. investment commitments including $50 billion from drugmaker Roche (ROG.S) , opens new tab and $23 billion from Novartis along with pledges from engineering group ABB (ABBN.S) , opens new tab railway equipment maker Stadler , opens new tab(SRAIL.S) , opens new tab. In addition to pharmaceuticals - Switzerland's largest export to the U.S. - the investments in U.S. production will target medical devices, aerospace and gold manufacturing, the White House said. "This agreement puts Switzerland on an equal footing with the European Union and brings the tariff level down from 39% to 15%," Swiss Economy Minister Guy Parmelin said in announcing the deal, which affects about 40% of Switzerland's exports. "Of course, we would prefer (the $200 billion) to be invested in Switzerland," Parmelin added. "And that’s why the Federal Council in parallel is doing everything to see how we can reduce costs for our businesses." The lower tariff rate is likely to be activated within "days, weeks," as soon as the U.S. customs processing systems can be adjusted, said Helene Budliger Artieda, director of Switzerland's State Secretariat for Economic Affairs. PHARMA TARIFFS CAPPED AT 15% The deal guarantees a 15% tariff ceiling for Swiss pharmaceutical producers, limiting the impact of U.S. President Donald Trump's forthcoming Section 232 national security duties for the sector, which could reach 100% on certain patented drugs. Parmelin said the 15% cap would also apply to other future Section 232 duties, including semiconductors, putting key sectors on the same footing as the EU. "The risk of much higher sector-specific tariffs is therefore ruled out," Parmelin added. A Swiss government statement , opens new tab said the tariff agreement will reduce Swiss import duties on U.S. industrial products, fish and seafood and agricultural products "that Switzerland considers non-sensitive." Switzerland will grant the U.S. duty-free bilateral tariff quotas on 500 tons of beef, 1,000 tons of bison meat and 1,500 tons of poultry meat, the government said. The White House statement said Switzerland agreed to remove a range of tariffs across agricultural and industrial sectors including certain fresh and dried nuts, fruits, seafood and chemicals. The White House also said Switzerland will recognize U.S. motor vehicle safety standards, a step toward addressing Trump's frequent complaint that European countries do not buy American-made cars and trucks. LEVEL PLAYING FIELD WITH EU Swiss industrial groups welcomed the deal, saying it would put them on a level playing field with competitors from the European Union, which agreed to a 15% tariff on EU exports to the U.S. "For the industrial sector, which was subject to a 39% tariff since August 1, this is good news. For the first time, we have the same conditions in the U.S. market as our European competitors," said Nicola Tettamanti, president of Swissmechanic, which represents small and medium-sized manufacturers. Switzerland's machinery, precision instruments, watchmaking, and food sectors, which export to the U.S., would see the most relief, said Hans Gersbach, a director of the KOF Swiss Economic Institute at ETH Zurich. KOF forecasts Swiss economic growth of 0.9% in 2026, but this would exceed 1% with the lower tariff rate, he added. Switzerland had a $38.3 billion goods trade surplus with the U.S. in 2024, according to U.S. Census Bureau data. This rose to $55.7 billion in 2025 through July, reflecting primarily the front-loading of U.S. imports from Switzerland during the first quarter, before Trump imposed his "reciprocal" tariffs in early April. Nadia Gharbi, an economist at Swiss bank Pictet, said the tariff reduction removed the main downside risks for the country's economy and represents a clearly positive development for Swiss industries and for the overall growth outlook. "Under the previous tariff regime, Switzerland suffered a significant loss of competitiveness — not only because of the strength of the Swiss franc, but also because neighboring European economies were subject to tariffs of only around 15%," she said. Swiss industry on Friday reported a 14% fall in exports to the U.S. during the three months through September, technology industry association Swissmem said, while machine tool makers saw shipments slump 43%. https://www.reuters.com/world/europe/us-reaches-trade-deal-with-switzerland-ustr-says-2025-11-14/

2025-11-14 21:00

Walmart falls after announcing CEO retirement Cidara Therapeutics soars on Merck buyout deal Nvidia report seen as key to AI rally S&P 500 -0.05%, Nasdaq +0.13%, Dow -0.65% Nov 14 (Reuters) - Wall Street stocks ended mixed on Friday as investors looked ahead to Nvidia's quarterly results next week and worried that the Federal Reserve may hold off on cutting U.S. interest rates in December. The Nasdaq ended higher and the S&P 500 finished marginally weaker after an early selloff that dragged all three major Wall Street indexes down more than 1%. Sign up here. Investors in recent days have fretted about the pace of rate cuts and pricey valuations of heavyweight artificial intelligence stocks that have fueled much of the U.S. stock market's gains in recent years. Nvidia (NVDA.O) , opens new tab, Palantir (PLTR.O) , opens new tab and Microsoft (MSFT.O) , opens new tab each gained more than 1%. Expectations the Fed will cut rates at its December policy meeting have faded in recent days amid signs of persistent inflation, caused in part by U.S. President Donald Trump's global tariffs. The probability of a 25-basis-point rate cut in December has fallen to under 50% from 67% last week, according to CME Group's FedWatch tool. Kansas City Fed President Jeffrey Schmid said on Friday his concerns about "too hot" inflation go well beyond the narrow effects of tariffs, signaling that he could dissent again at the Fed's December meeting should policymakers opt to cut short-term borrowing costs. He was one of two dissenters in the Fed's October decision to lower the policy rate by a quarter of a percentage point. AI chipmaker Nvidia will be at the center of Wall Street's attention when it reports quarterly results on Wednesday, with investors eager for fresh evidence that a race to dominate the emerging technology is not losing steam. "We've got a huge event next week with Nvidia," said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina. "If Nvidia disappoints, they will be punished. But I also think that - kind of like you're seeing today - you'll see dip buyers come back in pretty quickly and stabilize things." UnitedHealth Group (UNH.N) , opens new tab declined 3.2% and Visa (V.N) , opens new tab lost 1.8%, both weighing on the Dow. The S&P 500 fell 0.05% to end at 6,734.11 points. The Nasdaq gained 0.13% to 22,900.59 points, while the Dow Jones Industrial Average declined 0.65% to 47,147.48 points. Seven of the 11 S&P 500 sector indexes declined, led lower by materials (.SPLRCM) , opens new tab, down 1.18%, followed by a 0.97% loss in financials (.SPSY) , opens new tab. For the week, the S&P 500 rose 0.1%, the Dow added 0.3% and the Nasdaq lost 0.5%. Concerns about the labor market's health and the inflation outlook have weighed on investors, who expect some permanent gaps in official economic data even after the record-long U.S. government shutdown ended on Thursday. In global trade, the Swiss government said U.S. tariffs on Swiss goods will be reduced to 15% from 39%. Warner Bros Discovery (WBD.O) , opens new tab gained 4% after the entertainment company said it had amended CEO David Zaslav's employment agreement amid a strategic review of its business. Cidara Therapeutics shares (CDTX.O) , opens new tab more than doubled after Merck (MRK.N) , opens new tab said it will acquire the company in an almost $9.2 billion deal Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.7-to-one ratio. The S&P 500 posted 12 new highs and 10 new lows; the Nasdaq recorded 52 new highs and 295 new lows. Volume on U.S. exchanges was 20.1 billion shares, just below the average of 20.2 billion shares over the previous 20 sessions. https://www.reuters.com/world/africa/us-futures-drop-fading-december-rate-cut-expectations-2025-11-14/

2025-11-14 20:48

RIO DE JANEIRO, Nov 14 (Reuters) - Brazilian logistics firm Prumo said on Friday it agreed to sell its 50% stake in Ferroport, a joint venture with miner Anglo American (AAL.L) , opens new tab that operates an iron ore terminal at Rio de Janeiro's Acu Port. Sign up here. https://www.reuters.com/world/americas/brazils-prumo-sells-stake-joint-venture-with-anglo-american-2025-11-14/

2025-11-14 20:25

Logan did not support a rate cut in October Labor market not now in need of further preemptive insurance, Logan says Logan next votes on rate-setting next year Nov 14 (Reuters) - Dallas Federal Reserve President Lorie Logan on Friday again signaled she would oppose an interest-rate cut in December, after also opposing the Fed's rate cut in October, because of her concern that inflation is too high, trending upward, and taking too long to get to the Fed's 2% target. "As I look to the December meeting, I think it would be hard to support another rate cut unless we were to get convincing evidence that inflation is really coming down faster than my expectations or that we were seeing more than the gradual cooling that we've been seeing in the labor market," she said at an energy conference put on by the Dallas and Kansas City Fed banks. Sign up here. Logan will not be a voter on rate-setting at the Fed until next year, though non-voters do participate in the Fed's monetary policy debate and can help shape the thinking at the table. "Until I see convincing evidence that we are headed all the way back to our 2% target, I really do think modestly restrictive policy is appropriate," Logan said, in remarks that largely repeated comments she made days after the Fed's late-October decision to cut the policy rate to the 3.75%-4.00% range to support the labor market. Logan said the job market is cooling, but gradually and appropriately so because the Fed is also trying to get inflation down and needs to keep short-term borrowing costs high enough to keep some braking power on the economy. She said she supported the Fed's September rate cut as insurance against further labor-market weakening, but "it does not seem like a labor market to me that it would be appropriate for further preemptive insurance." Instead she said the Fed can monitor the job market risks, "and if we saw more than gradual cooling then I would think it would be you know appropriate to consider another rate cut," she said. https://www.reuters.com/business/feds-logan-would-be-hard-support-december-rate-cut-2025-11-14/

2025-11-14 20:22

Barrick considers splitting into Africa- and North America-focused entities Potential sale of African assets and the Reko Diq mine discussed Investors seek value as Barrick underperforms peers in record gold rally TORONTO, Nov 14 - The board of Canada's Barrick Mining (ABX.TO) , opens new tab has raised the possibility of splitting the company into two separate entities, one focused on North America and the other on Africa and Asia, four sources familiar with the company's thinking told Reuters. A split could also include the outright sale of Barrick's African assets as well as of the Reko Diq mine in Pakistan, once it has secured financing, according to the sources. Sign up here. In Mali, Barrick is looking to resolve a dispute with the African nation's military administration before selling the asset, sources said. A Barrick spokesperson did not immediately respond to requests for comment. Interim CEO Mark Hill, asked on Monday about a possible split, said the company does not comment on speculation. Talks are ongoing and nothing has yet been finalized, the sources said. The plans, if they go through, would essentially reverse Barrick's merger with Randgold in 2019, and shed assets brought in by former CEO Mark Bristow. , opens new tab The company's focus on North America, including Fourmile, a major undeveloped gold mine in Nevada, would ensure that Barrick does not get undervalued in case of a potential takeover offer, one of the sources said. Fourmile mine test production is not due to start until 2029. Hill said earlier this week that the company would shift its focus to North America, prompting a ratings upgrade on its shares by analysts at Jefferies and elsewhere. Shares of Barrick rose on the Toronto Stock Exchange on Friday following the Reuters report, closing up 3%. Investors have said Barrick's shares are undervalued and have asked the company to find ways to take better advantage of a historic rally in gold prices. Although Barrick shares have jumped 130% this year, in the last five years the company's returns have been lower than its peers, gaining 52% while Agnico Eagle has jumped 142%. Investors had previously proposed that the company divide into one division with stable assets such as Nevada and Fourmile, and another with riskier assets in Africa, Papua New Guinea, and Reko Diq, one of the people said. As one of the few gold mining companies with assets spanning multiple continents, Barrick's biggest risk has been mines in politically volatile regions, investors say. Earlier this year, Barrick lost control of its most profitable mine, the Loulo-Gounkoto complex in Mali, leading to a $1 billion write-off. A dispute over the country's new mining tax code led to the seizure of 3 metric tons of gold and a provisional administrator taking charge of the mine. Four Barrick employees are still incarcerated by the Malian administration. "There has been a view that there is a lot of value in Nevada," said one Barrick investor. If the Nevada mine were a publicly listed company on its own, it would be one of the world's largest-capitalized gold mining companies, the investor added, asking not to be identified as they were not authorized to speak to the media. The company has resisted splitting in the past because without Nevada, this investor said, there is not much of value in its other mines. Barrick runs the Nevada gold mine in partnership with Newmont Corp (NEM.N) , opens new tab. In addition to Nevada and Mali, the company's other working facilities include copper mines in the Democratic Republic of Congo, gold in Tanzania, the Dominican Republic, and Papua New Guinea. https://www.reuters.com/world/africa/barrick-mining-considers-splitting-into-two-entities-sources-say-2025-11-14/

2025-11-14 20:17

WASHINGTON, Nov 14 (Reuters) - The U.S. Postal Service said on Friday it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, down slightly from the prior fiscal year results. New Postmaster General David Steiner said USPS must be more efficient and that it still has a "significant systemic annual revenue and cost imbalance." He added: "To correct our financial imbalances, we must explore new revenue opportunities and public policy changes to improve our business model." Sign up here. USPS, which lost $9.5 billion in the prior year, has lost more than $100 billion since 2007 despite significant restructuring and legislative reforms. The U.S. Congress in 2022 provided the Postal Service with about $50 billion in financial relief over a decade. USPS is seeking reforms, including changes to retiree pension benefit funding rules, diversification of pension assets, raising the statutory debt ceiling, and workers’ compensation administration reform. USPS SEEKS TO RAISE PRICES Separately, USPS on Friday proposed raising prices for various products, not including first-class mail. USPS proposed a 6.6% increase for Priority Mail, 5.1% for Priority Mail Express, 7.8% for USPS Ground Advantage and 6% for Parcel Select. In February, Republican President Donald Trump called USPS a "tremendous loser for this country," and said he was considering merging the Postal Service with the U.S. Commerce Department, a move Democrats said would violate federal law. Under White House pressure, the previous USPS chief, Louis DeJoy, resigned in March. He was one of many officials forced out under Trump. DeJoy led efforts to drastically restructure the money-losing USPS for nearly five years, including cutting forecast cumulative losses over a decade to $80 billion from $160 billion. Mail volumes fell 5% in the 12 months ending September 30 to the lowest level since 1967. The price of first-class mail stamps rose this year to 78 cents from 73 cents but USPS in September opted not to raise , opens new tab prices in January. Stamp prices are up 46% since early 2019, when they were 50 cents. The USPS, an agency with 635,000 employees, reduced its workforce by 10,000 workers this year through a voluntary retirement program. https://www.reuters.com/business/autos-transportation/us-postal-service-seeks-reforms-it-reports-9-billion-yearly-loss-2025-11-14/