U.S. Strikes Trade Deal With Switzerland After Rolex Wooed Trump at US Open

On Sept. 7 President Donald Trump sat in the Rolex suite at the US Open. His appearance in Queens came shortly after the Swiss government met with U.S. trade representatives to discuss the 39% tariff that had been imposed on imports from the country.

On Friday, a little more than two months after the tournament, the U.S. and Switzerland announced a deal to dramatically reduce the tariff to a maximum of 15%. 

The deal was reached after “intensive discussions,” according to a statement from the Swiss government. Under the deal, Switzerland agreed to reduce import duties on a “range of U.S. products.” Swiss companies also intend to “make direct investments” in the U.S. totaling $200 billion by the end of 2028.

No specific companies were mentioned. The U.S. imported roughly $6.5 billion in Swiss watches and clocks in 2024, according to Trading Economics, making them one of the top non-pharmaceutical Swiss exports to the country. Rolex is not nearly the only watchmaker in Switzerland, but it holds a significant market share—in 2024 it was about 32%, according to a report from Morgan Stanley.

Rolex, among the most visible sponsors in tennis generally and one of the major sponsors for this year’s US Open, invited Trump to sit in its suite during the tournament. At the time, a spokesperson for Switzerland’s Federal Department of Economic Affairs, Education and Research (EAER) told Front Office Sports that while there had been talks that weekend with U.S. trade representatives and a delegation from the Swiss government, no Rolex or watch representatives were present, and “The Swiss government is not using the US Open as a platform for talks.” 

The invite may not have formally been aimed at currying favor with Trump on trade, but even Trump seemed to understand the optics. He reportedly joked with Rolex executives about whether the tariffs had something to do with the invite. Meanwhile, Trump was given gifts, including a golf sweater, as a “token of appreciation for attending the event,” Jean-Frederic Dufour, CEO of Rolex, said at the time.

Following a meeting last week between Trump and executives from Rolex and other Swiss watch industry players, a new gold clock was spotted on the president’s desk in the Oval Office. It was given to him by Rolex.

Sen. Elizabeth Warren (D., Mass.) isn’t buying that everything has been above board. “It sure looks like Rolex showering President Trump with a U.S. Open invite and lavish gifts has paid off,” she says in a statement to Front Office Sports.

“While prices for American families are going way up because of Trump’s chaotic tariffs, it’s the billionaire’s and giant corporations cozying up to Trump that get relief,” she adds.

A White House representative directed FOS to forward questions to the general press inbox; no reply has been received. Representatives for the Swiss government and Rolex did not immediately respond to requests for comment.