Swiss business leaders breathed a sigh of relief Friday after Washington and Bern announced an agreement to more than halve the steep 39-percent tariffs imposed by US President Donald Trump.

The deal slashing the tariffs on Swiss imports to 15 percent brought the rate en par with the neighbouring European Union.

"For the first time, we benefit from the same framework conditions in the American market as our European competitors," Nicola Tettamanti, head of the Swissmem association of the mechanical and electrical engineering industry, said in a statement.

Nadia Gharbi, an economist with Pictet Wealth Management, said the new tariff agreement "removes the main downside risks and represents a clearly positive development for Swiss industries", noting that under the higher tariffs "Switzerland suffered a significant loss of competitiveness".

Yves Bugmann, head of the Swiss watchmaking federation, called the new agreement "good news".

"In our opinion, the 39-percent tariff was unjustified and created a great deal of uncertainty for our sector," he told AFP.

"We're still cautious, since the terms of the agreement are not yet known, but obviously, it's a relief for the industry," he said.

- 'Temporary relief' -

Trump shocked Switzerland, an export powerhouse, in August when he imposed the 39-percent duty on imports of goods from the country, one of the highest rates in his global tariff blitz.

Friday's agreement is "very positive, particularly for the Swiss watch industry", Jon Cox, an analyst with Kepler Cheuvreux, told AFP. 

The pharmaceutical industry, Switzerland's largest export sector, had enjoyed an exemption from tariffs on medications but has faced regular threats that Trump's tariffs would soon hit it as well.

Swiss Economy Minister Guy Parmelin said Friday that sectors like pharma and gold that had been exempt from the higher tariffs would remain exempt from the lower rate.

The deal has not dispelled all doubts however, with Parmelin acknowledging that discussions "will have to continue" for other key products such as industrial machinery, steel, aluminium, coffee and cheese. 

While Swissmem noted that the agreement brings "temporary relief," its president Martin Hirzel warned that "we must not let our guard down" since "new tariffs could be introduced".

He also noted that the Swiss franc, which is considered a haven investment in tumultuous times, "remains strong", which makes Swiss products more expensive, and "the market uncertainty is enormous".

Regional chambers of commerce and industry in the French-speaking cantons of Vaud and Geneva expressed "relief".

"More than three months of stratospheric tariff levels... have put a number of our SMEs in difficulty," Philippe Miauton, head of the Vaud chamber, told Keystone-ATS, referring to small and midsize enterprises.

His Geneva counterpart Vincent Subilia meanwhile told the Swiss news agency that the negotiated rate was "still 15 percent too much".