Switzerland is nearing a deal with the US to slash its 39pc tariff rate after some of the country’s largest businesses launched a charm offensive targeting Donald Trump.

Negotiators are in talks about cutting the current levy on Swiss exports to 15pc, Bloomberg reported, after executives from the country’s largest businesses met the US president to press their case.

The proposed 15pc tariff rate would match the levy imposed on Switzerland’s neighbours in the European Union.

The possible breakthrough came after a group of Swiss business delegates last week presented Mr Trump with a Rolex watch for the presidential library and a customised gold bar.

Among the group attending the Oval Office meeting were executives from Rolex, Richemont and gold miner MKS Pamp.

According to watch trade publication Hodinkee, the executives presented a letter describing the gifts as “symbolic gestures of appreciation reflecting the spirit of friendship and enduring ties between the two nations”.

Mr Trump hit Switzerland with the surprise 39pc tariff in August, shocking negotiators who had believed they were working towards a reduced rate.

The tiny state was targeted by the US president because of a £29bn trade surplus in goods with the US – driven by exports of gold bars, luxury watches, chocolate and pharmaceuticals.

Mr Trump’s tariffs on Switzerland left it with some of the highest import levies, with only countries like China, Laos and Brazil subject to higher trade taxes.

The tariffs hit Switzerland’s economic growth, with the Alpine nation already grappling with a slowdown.

The US crackdown has prompted some of Switzerland’s biggest brands to consider shifting more production to America to cushion the blow. According to Bloomberg, the chocolate maker Lindt was considering moving more production to America in response to the levies.

Shares in some of Switzerland’s biggest companies, including Richemont, climbed on Monday amid a wider surge in global stock prices.

The Office of the US Trade Representative was contacted for comment.

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