Swiss President Karin Keller-Sutter and Business Minister Guy Parmelin flew to Washington on Tuesday, the government said, in a last-ditch effort to avoid the 39% tariffs announced by President Donald Trump on exports to the United States.

Swiss President Karin Keller-Sutter talks to the medias after a news conference, after meeting in separate bilateral meetings with Chinese and U.S. delegations ahead of trade talks in Geneva, Switzerland,

The Swiss president is heading to the U.S. in a last-ditch effort to head off punishing tariffs that threaten to cripple key sectors of the country’s export-reliant economy. President Trump’s recent decision to impose a 39% levy—one of the highest in the world—stunned the Alpine nation and upended months of negotiations in which Swiss officials believed they were on the verge of securing a favorable deal.

Caterpillar posted weaker-than-expected quarterly profit and warned U.S. tariffs could pose significant headwinds in the second half and cost the construction and mining equipment maker up to $1.5 billion in 2025.

Caterpillar shares bounced into the green after the company missed second-quarter profit expectations but beat on sales and raised its growth outlook.

President Donald Trump said that US tariffs on semiconductor and pharmaceutical imports would be announced “within the next week or so,” as the administration prepares to target key economic sectors in its effort to remake global trade.

Trump’s trade deals aren’t just about tariffs. As dozens of countries race to reach trade deals with the U.S. ahead of a Thursday deadline, President Trump has embraced a stra

These tariffs are slated to affect imports from more than 60 countries, including Brazil, India and Japan, and their effects are poised to be borne heavily by U.S. consumers. According to one estimate from the Yale Budget Lab,