After getting a golden desk clock from Rolex, Trump cut Swiss tariffs from 39% to 15%. Shortly after, White House announced a tariff rollback on beef, coffee, and other food products.

In today’s sub-chapter:

Trump received a gold‑plated desk clock as a gift from Rolex during a White House visit by Swiss business leaders last Nov. 4. (Don’t hope to get one, it’s not available to the public.)

A few days later, Trump cut the tariff on Swiss goods from 39% to 15%. And shortly after, the White House announced a rollback on over 200 agricultural products, including coffee, bananas, tomatoes, oranges, and even beef.

The rollback hit at a tough moment. According to a poll from AP‑NORC from August, about half of all Americans say the cost of groceries is a major source of stress in their life. Beef and veal prices rose 13.9% year-over-year as of August, according to the Consumer Price Index reported by The Food Institute. Coffee has jumped almost 19%.

So, yes, consumers should get some relief from the rollback, but economists warn that prices usually drop more slowly than they rise. Well, it could at least help a little this Holiday!

However, some are disappointed that their products were excluded from the exemptions and hope the White House expands the list. 

Which makes me wonder…What criteria did Trump really use for granting exclusions? He said the exemptions target those not produced in the U.S.. But beef? Isn’t the U.S. the top beef producer in the world?

And what about Scotch, Cognac, and Irish Whiskey? These high-value agri products cannot be produced in the U.S, but they’re not on the list. Distilled Spirits Council President and CEO Chris Swonger said the council reached out to the White House to have these products added, but they were excluded. 

It’s hard to see the logic, but maybe that’s just me.

Anyway, the good news is that the rollback gives some breathing room for consumers and food businesses. Lower import tariffs give grocery chains and food service operators leverage to renegotiate supplier prices. It can also shift sourcing toward countries now having better access to the U.S. market. 

And maybe, just maybe, these exclusions have finally cracked the tariff wall. Trump said he doesn’t think more rollbacks will be required in the future, but these exclusions might reflect a softening in his stance toward tariffs. It may open the door for more flexible and sensible trade modifications.

If exclusions for beef and coffee were palatable, other industries, like those heavily affected by Section 301 and 232, including electronic components and automotive, might also pursue broader relief in future negotiations.

Trump will probably still call tariffs the most beautiful word, but who knows, he may find “exemptions” just as lovely.

P.S. I forgot to mention: Trump also received a 1-kg. personalized gold bar worth $130K from the Swiss delegation. Who else thinks these lavish gifts are inappropriate during negotiations?

Hopefully Finally, just a limited edition.

Swatch has quietly changed its wording on the product page of the controversial WHAT IF… TARIFFS? watch, which mocked the 39% U.S. tariff by flipping the 3 and 9 on the dial.

Swatch hasn’t officially confirmed if it stopped selling the watch, but it promised last September to pause sales once U.S. tariffs change. The watch was only sold in Switzerland, in stores or online.

The 39% tariff hit Swatch hard, since it relies heavily on the U.S. market and much of its production is fully Swiss-made. In August, CEO Nick Hayek said the company could not absorb a 39% duty and estimated that U.S. prices would rise by 5–10%.

Now, I’m thinking… will Swatch create a new special edition swapping 1 and 5 as a nod to the new 15% tariff? Or maybe they’ll keep the 3-9 edition as a collectible and add “We survived 39%” on the back.

Anyway, the new U.S.–Swiss deal is expected to be finalized by early 2026. And I’m hoping it provides real relief for Swatch and the rest of the Swiss watch industry.

P.S. If you’re looking for something less controversial than the “WHAT IF… TARIFFS?” watch, you may check out Swatch's latest releases.

🇪🇺 EU Sets Plan to Advance Trade Deal with US. The EU will propose an implementation plan for its August trade deal with the US, targeting tariffs on cars, wines, and spirits, as well as market access, standards, digital trade, and steel and aluminum quotas. Trade Commissioner Maros Sefcovic meets US counterparts later this month.

🇯🇵 Japan’s Economy Contracts Due to U.S. Tariffs. Japan’s economy fell 1.8% annually in July–September as U.S. tariffs reduced exports by 4.5%. Private housing investment dropped 9.4% for the quarter. Major automakers, including Toyota, were affected, though some production moved overseas to limit tariff impacts.

🇮🇳 India–US Trade Deal Close. Commerce Minister Piyush Goyal says good news is coming and that the deal will move forward only if it is fair and balanced. He said the important thing is not the level of U.S. tariffs but the comparative advantage India will gain over competitors. The U.S.currently imposes a 50% tariff on Indian exports, plus a 25% penal duty on India’s purchase of Russian energy.

A Nanos Research poll for Bloomberg shows 67% of Canadians believe a deal to lower tariffs is unlikely in the next six months.

Canadian goods are facing a 35% tariff, though many are exempt under USMCA. And it’s affected by the blanket 50% on imported metals and 25% on non-US automobiles. 

Prime Minister Mark Carney once seemed to be making good progress. Until the anti-tariff ad featuring former US President Ronald Reagan irked Trump and made him suspend all trade talks with Canada and threaten an additional 10%.

But Canada is starting to show it’s not putting all its eggs in the U.S. basket. With the newly approved federal budget, Carney is set to boost trade and duouble exports outside the U.S. over the next decade.

What’s more, Canada is exploring its own tariff rate quota (TRQ) for steel, which could affect negotiations with the U.S., especially as Washington pushes for stricter measures on steel imports. To me, Canada looks dead serious about reducing its reliance on the U.S. market. 

Clearly, Canada’s next moves are crucial for free trade negotiations. And with the upcoming USMCA review in 2026, are we going to see a handshake that secures stronger trade terms for Ottawa? Or is 2026 the end of free trade with the U.S.?

During the Masters of Scale Summit, Flexport CEO Ryan Petersen joined Rapid Response host Bob Safian to break down the biggest myths in global trade.

Myth #1: Businesses shouldn’t act immediately on tariff announcements. Sometimes the best thing to do is do nothing. Supply chain adjustments take years, and hasty decisions (like relocating production from China to India) can backfire if tariffs are equally high elsewhere.

Myth #2: The gov’t has a plan. Even if it does, it might not be effective. For example, tariffs are meant to boost U.S. manufacturing, but they have led some companies to move production overseas because the cost of imported materials and machinery has increased.

Myth #3. China adapts better to trade volatility. Trade benefits both the U.S. and China, and “winning” a trade war is a flawed idea. Yes, the U.S. is less dependent on imports for food and energy, but both nations lose something when trade is disrupted.

Myth #4: The trade industry itself is struggling to keep up with the times. Relying solely on previous experience or experts won’t suffice. Simple tools, like a steel-and-aluminum duty calculator, can help, but only if teams step in, learn, and act.

Myth #5: We’ve entered a new era of trade, never seen before. Tariffs and disruptions have existed for centuries, and global trade has steadily grown over time despite wars, plagues, and other crises.

Watch the full segment to catch the whole conversation.

CBP has issued a Withhold Release Order (WRO) on Mauritius apparel shipments manufactured by Firemount Group Ltd after finding evidence of forced labor. This WRO is the 1st of Fiscal Year 2026 and the 4th in 2025.

Four International Labour Organization (ILO) indicators of forced labor were identified:

CBP now manages 54 active WROs and 9 Findings, blocking 7,325 shipments worth $164.47M.

Importers should carefully vet suppliers, check the ILO Forced Labor Indicators, understand production conditions, and work with a customs broker on compliance. ❗❗❗

P.S. Protect your U.S. import data! Find out how!

🎟️ Cross-Border Smarts: Calgary Event

Learn from trade lawyer Sabrina Bandali and Calgary importers about CUSMA updates, CBSA enforcement, and compliance strategies.

📅 Date: Wednesday, Nov 26, 2025
📍 Location: Tool Shed Beer & BBQ, Calgary, AB
⏰ Time: 3:00 PM – 6:00 PM MST

Earn 5 CCS points and 5 CTCS credits.

Seats are limited – register today!

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