(Bloomberg) -- The Swiss government is proposing to eliminate import tariffs on industrial goods, in a bid to combat the country's famously high consumer prices.
Abolishing such fees would lower the administrative burden for domestic companies and help them goods from abroad at a lower cost, the government in Bern said. It would also benefit consumers, as tariffs are levied on items such as cars, bicycles, household appliances and clothing.
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Switzerland's move to lower industrial tariffs stands in contrast to a rise in protectionism globally. The U.S. has slapped tariffs on Chinese tens of billions of dollars in products, and Beijing has retaliated.
After the various interested parties have a chance to comment on the proposal, it will then be voted on by the Swiss parliament. The tariffs would be abolished as of January 2022, the government said in a statement on Friday.
To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Steve Geimann
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