UPDATE 1-Swiss economy minister to meet US officials on Friday, government says

Swiss economy minister Guy Parmelin is due to meet senior U.S. administration officials on Friday in the country's latest effort to negotiate down the crippling 39% tariffs imposed by U.S. President Donald Trump on most Swiss exports.

Switzerland's government said that Parmelin flew to Washington on Thursday night, with talks planned on Friday at a "ministerial level." The Economic Affairs Department declined to give further details of the talks, including which officials Parmelin planned to meet.

Switzerland has been desperately trying to lower the tariffs among the highest of any applied under Trump's global trade reset. A last-ditch attempt led by President Karin Keller-Sutter failed to produce a better deal and the tariffs went into effect on August 7, threatening major damage to the Swiss economy by reducing access to its biggest export market.

Parmelin also took part in that delegation, and his latest trip to the United States meant he was unable to speak at a Swiss business event in Baden on Friday. UBS Chief Executive Sergio Ermotti, speaking at the same event, said he was worried U.S. tariffs would put pressure on economic growth and contribute towards higher inflation.

Ermotti said that he was also very disappointed by the tariffs imposed on Switzerland, but was confident that Bern would be able to reach an agreement for lower duties.

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