In a fast-moving Friday across Washington and Wall Street, the United States announced a major breakthrough trade deal with Switzerland, signaled fresh tariff relief on key food imports, grappled with a high-profile leadership change at Walmart, and saw President Trump call for new investigations into Jeffrey Epstein’s connections.
At the same time, the Federal Reserve postponed a key industrial production report as agencies restart operations following the record-long government shutdown.
US–Switzerland deal: tariffs slashed after business-led diplomacy
After months of escalating trade tensions, the US and Switzerland reached a breakthrough agreement to roll back tariffs on Swiss goods to 15% from the steep 39% imposed in August.
The decision marks a dramatic reversal for Swiss exporters, who saw shipments to the US sink 14% in the three months to September.
The deal followed a high-level Swiss delegation meeting with President Trump at the White House, joined by top executives including Rolex CEO Jean-Frédéric Dufour and Richemont Chairman Johann Rupert.
US Trade Representative Jamieson Greer said Swiss watchmakers, pharmaceutical producers and gold refiners will receive substantial relief, while Switzerland has pledged $200 billion in new US investment.
The Swiss watch industry—responsible for the country’s most recognizable exports—had been among the hardest hit.
Major luxury brands, including Rolex, Breitling, Omega and Patek Philippe, were forced to raise prices or delay shipments.
With the US representing around 20% of all Swiss watch exports, the tariff reduction provides crucial breathing room and restores competitiveness in line with EU rates.
Pharmaceutical and gold-refining firms also stand to benefit as manufacturers such as Novartis and Roche can now price exports without tariff penalties.
Trump to reduce tariffs on key food imports
Separately, President Trump is preparing an executive order to reduce tariffs on a range of consumer food imports – beef, tomatoes, coffee, and bananas—according to a Bloomberg report.
The move comes amid voter frustration over high grocery prices and marks a notable shift for an administration that has long championed tariffs as a central policy tool.
The White House has not released the full list of affected products, but the cuts are expected to focus on commodities the US cannot produce in sufficient quantities.
Administration officials said the decision aligns with the president’s broader approach to adjusting levies based on supply conditions, even as prior tariff actions have contributed to higher import costs.
Walmart CEO change: markets react, analysts see stability
Walmart shares edged lower after longtime CEO Doug McMillon announced he will retire in January.
John Furner, the company’s US chief and a 30-year veteran, will take over on February 1.
Though investors initially reacted cautiously, analysts, including SW Retail Advisors’ Stacey Widlitz, argued the transition is ultimately positive.
Furner’s deep operational experience—particularly in the US segment that accounts for about 70% of company revenue—positions him to maintain Walmart’s momentum.
His success expanding traffic and attracting higher-income shoppers has been a key driver of recent performance.
Trump urges DOJ to investigate Epstein associates
President Trump said he will ask the Justice Department and FBI to investigate Jeffrey Epstein’s ties to prominent Democrats and financial institutions.
His comments follow renewed political debate as the House prepares to vote on releasing additional Epstein files.
The Oversight Committee has already disclosed more than 20,000 pages of documents obtained from Epstein’s estate, showing extensive communications with political and business leaders.
Trump has denied wrongdoing and said he cut ties with Epstein in the early 2000s.
Federal authorities previously concluded they found no evidence warranting an investigation into uncharged third parties.
Fed delays industrial production report amid shutdown disruptions
The Federal Reserve said it will delay the release of industrial production and capacity utilization data originally scheduled for November 18.
The central bank cited missing source data caused by the recent government shutdown—the longest in US history—whose end allowed agencies to begin restoring normal operations.
The Fed will announce a new publication date once full data is available, adding another layer of uncertainty for analysts monitoring the pace of US manufacturing activity.
The post US digest: Trump to reduce tariff on food imports and US-Switzerland trade deal appeared first on Invezz
