Switzerland is inching closer to a deal to cut punishing US tariffs on its exports to about 15 per cent, as companies from Rolex to Richemont take the lead in breaking months of deadlock between Bern and Washington.

After months of frustration and stalled diplomacy Swiss business leaders stepped in to drive the talks forward, moving from lobbying on the sidelines to engaging directly with the Trump administration. Companies said they were starting to feel the strain of the 39 per cent tariffs imposed on most Swiss goods in August — the highest levies faced by any developed economy.

According to several people briefed on the discussions, Switzerland is closing in on a 15 per cent rate — matching the rate levied on the EU’s exports to the US. Several put the timeframe as being only several weeks away but others said the situation was fluid and could drag on longer.