A high-level Swiss delegation walked into the White House earlier this month carrying a gold Rolex clock, a custom-engraved gold bar, and plenty of praise for President Donald Trump.
Days later, the Trump administration slashed tariffs on Swiss goods from 39% to 15%, raising questions and criticism about the role luxury gifts played in shaping U.S. trade policy.
The meeting took place on Nov. 4 and included CEOs from some of Switzerland’s biggest companies: Rolex, Richemont, MKS, Partners Group, and Mercuria.
According to multiple reports, the centerpiece gifts included a rare gold desk clock from Rolex and a 1-kilogram gold bar engraved with “45” and “47”, nods to Trump’s past and current terms as president.
“It was tough to beat Apple, but the Swiss did it,” an unnamed administration official told Axios, referencing a previous gift from Apple CEO Tim Cook: a gold-based commemorative disc celebrating the company’s $100 billion U.S. investment.
The Swiss gifts now sit visibly on Trump’s desk in the Oval Office.
The gold clock, identified by watch experts as a unique Rolex Datejust-style piece not commercially available, reportedly outshines Apple’s earlier offering.
From Stalled Talks to a Fast Deal
The tariff deal follows months of trade tension. Swiss President Karin Keller-Sutter had previously failed to persuade Trump to reverse the steep tariffs during a cold August phone call.
Exports from Switzerland to the U.S. dropped significantly after the 39% rate went into effect.
Then came the CEO charm offensive. Alongside the luxury gifts, Swiss business leaders reportedly discussed how the tariffs were hurting trade and pledged $200 billion in future U.S. investments.
That includes promises to boost American manufacturing in sectors like pharmaceuticals, gold smelting, and railway equipment.
Just days after the visit, U.S. Trade Representative Jamieson Greer announced the tariff reduction, calling it another example of Trump’s success.
“President Trump’s unmatched dealmaking continues to deliver for the American people,” Greer said.
The Swiss government called the outcome “a great new dynamic in our bilateral relations.”
Criticism at Home and Abroad
Not everyone is celebrating. Swiss Green Party leader Lisa Mazzone called it a “surrender agreement,” accusing the Swiss elite of “bowing down to Donald Trump” and warning that Swiss consumers and farmers could pay the price.
There’s also backlash over how the deal was achieved.
“Questionable methods and gifts of gold” were criticized by several Swiss opposition voices, who say it sets a dangerous precedent.
Swiss Economy Minister Guy Parmelin defended the approach. “We haven’t sold our soul to the devil,” he told the Tages-Anzeiger newspaper.
Parmelin said the business leaders simply explained how the tariffs were affecting trade, but admitted the gifts and relationships likely helped.
“They have influence because they have many good contacts in the U.S. — and not just with the Trump family. Some are friends with him because they play golf with him,” Parmelin said.
“I don’t play golf, that’s perhaps my handicap — but that’s life.”
Sen. Elizabeth Warren (D-MA) was quick to call out the situation.
Sharing the Oval Office photo of the Rolex and gold bar on social media, she wrote: “See that Rolex clock and gold bar? It looks like those Swiss gifts paid off.”
She added: “While Trump’s tariffs increase prices for Americans, billionaire CEOs and foreign companies sucking up to Trump get relief.”
Gifts or Government Property?
According to U.S. law, presidents can accept gifts on behalf of the government. These items typically end up in the National Archives unless the president chooses to keep them and pays taxes on their value.
Rolex CEO Jean-Frédéric Dufour confirmed the desk clock was a gift from the company. In a letter to the watch website Hodinkee, he described it as a “symbolic gesture of appreciation reflecting the spirit of friendship and enduring ties between the two nations.”
The value of the gold bar hasn’t been officially disclosed, but similar 1-kilogram bars can be worth over $130,000 depending on market prices.
More Than Optics?
The tariff cut brings Switzerland in line with other European countries, and Swiss manufacturers are relieved.
Stefan Brupbacher, CEO of the Swiss engineering group Swissmem, said his members had seen export drops of up to 40% since the summer.
“For our members, there is great relief,” Brupbacher told CNBC.
“This 15% tariff rate puts us at par with our main competitors, and that is a basis on which we can restart.”
Still, not all the consequences are clear. Analysts say the deal is only a framework for now, requiring more negotiations and likely a vote in the Swiss Parliament.
Concerns remain over whether Switzerland will need to accept controversial U.S. imports like hormone-treated beef or chlorinated chicken.
UBS economist Alessandro Bee warned that despite the tariff cut, Swiss GDP growth is expected to stay sluggish, and the relocation of pharmaceutical manufacturing to the U.S. could hurt long-term growth.
So while the Swiss may have impressed Trump more than Apple, the real costs, and benefits of this golden diplomacy are still unfolding.
IMAGE CREDIT: ”Donald Trump” by Gage Skidmore, via Flickr. Licensed under CC BY-SA 2.0. Image adjusted for layout.