08:57 AM EST, 11/11/2025 (MT Newswires) -- It seems that a resolution to the trade conflict is also approaching for some of the few remaining countries without a United States deal, said Commerzbank.

Late Monday, the U.S. President Donald Trump emphasized that deals with both India and Switzerland could be finalized soon, wrote the bank in a note to clients.

In the case of Switzerland in particular, reports emerged late Monday that such a deal could entail a tariff rate of 15%, which would be on a par with the European Union rate and significantly lower than the current rate of 39%. However, insiders emphasized that nothing has been signed yet and that the talks could still fail, as happened in July, stated Commerzbank.

Nevertheless, the time for cautious optimism may now have come, added the bank.

A deal between Switzerland and the U.S. is Commerzbank's base scenario. A tariff rate of 15% would be the best of difficult scenarios, creating similar conditions to those between the EU and the U.S.

Nevertheless, Swiss growth is likely to suffer for a while longer. The bank had anticipated a temporary slowdown in growth in Q3/Q4, but, given Commerzbank's "cautious optimism," it has been forecasting slightly higher figures than the consensus.

This forecast is now more probable. From next year onwards, the bank should then see growth pick up again.

However, as is often the case, the details will be crucial in the negotiations with the U.S. If the Swiss government manages to agree a deal that excludes sectoral tariffs, similar to what the EU has achieved -- especially regarding the pharmaceutical industry, for example -- then the decision-makers can pat themselves on the back, noted Commerzbank.

This would only be the case if the deal is ultimately approved -- and with the current U.S. administration, "unfortunately, you can never be sure," according to the bank.