Remarks by Treasury Secretary Scott Bessent before the American Swiss Foundation

Good afternoon. And greetings from the United States.

It is an honor to join you today. I would like to thank my dear friend and fellow South Carolinian, Ambassador Ed McMullen, for the generous invitation, along with Bob Giuffra and Markus Diethelm.

Over the last eight decades, the American Swiss Foundation has played a central role in deepening the historic bond between the United States and Switzerland. Today, relations between our two great nations are stronger than ever thanks to the leadership of President Trump – who was the first U.S. President to host a Swiss President at the White House in 2019 – and President Guy Parmelin.

On the eve of America’s 250th anniversary, we are reminded of our nations’ shared commitment to sovereignty, rule of law, and federalism as “sister republics.” Our Constitution, ratified nearly five decades prior to the modern Swiss constitution, had a substantial influence on the latter. Both established federal republics that balance central authority with local and regional independence. Both divide government authority into distinct legislative, executive, and judicial branches to prevent the concentration of power. And importantly, both enshrine a core belief in the sanctity of fundamental human rights and freedoms.

Switzerland, for its part, also had a profound impact on the development of the United States – and particularly the Department of the Treasury – in its fourth Treasury Secretary, Albert Gallatin. Often described as “America’s Swiss Founding Father,” Gallatin was not only a multi-term congressman, diplomat, and intellectual, but also the longest-serving Treasury Secretary of the United States. In many ways, he was one of the early living examples of the American Dream.

When I addressed this group last year, I mentioned that Gallatin was of French Huguenot descent, as am I. He was drawn to emigrate to the U.S. at the age of 19 by the promise of opportunity and the ideals laid out in our Constitution.

We as a nation owe much to Gallatin. One of his most important, yet sometimes overlooked, intellectual contributions was his 1810 Report on Manufactures. An update to Hamilton’s magnum opus of the same title, Gallatin considered manufacturing a way to free the United States from reliance on foreign markets. He built upon a Hamiltonian principle that today guides President Trump and our Administration.

President Trump today carries that legacy forward. In the United States, we are ushering in a period of renewed economic growth as we celebrate our nation’s 250th anniversary. I often describe President Trump’s economic strategy as resting on three distinct, but mutually reinforcing pillars: tax, trade, and deregulation. Together, these policies are improving the economics of investing in the United States, accelerating capital formation, and providing the certainty businesses need to make long-term investment decisions.

And this agenda is bearing fruit and creating conditions for families and businesses to flourish. The Working Families Tax Cuts are supercharging a Capex boom and reinforcing America’s position as the most attractive destination in the world for business investment. Combined with a trade agenda that encourages domestic production and a deregulatory effort that reduces compliance burdens, these policies are helping attract unprecedented levels of foreign direct investment and reshoring activity. For the third consecutive month, job growth in the United States exceeded expectations. Private-sector employment is up more than 900,000 jobs since Inauguration Day, and real GDP has risen 2.6 percent over the past four quarters as companies commit trillions of dollars to build, expand, and innovate within our borders.

We want Switzerland, as one of our key allies and partners, to share in the prosperity and opportunity we are unleashing within our borders. Last November, thanks to the President’s leadership, our nations signed a historic trade deal that is enabling just that, while importantly making our economy more secure. The agreement provided U.S. exporters with unprecedented access to the Swiss and nearby Liechtenstein markets, with Switzerland committing $200 billion to the U.S. over the course of five years. In the first four months of 2026 alone, Swiss companies directed $27 billion into the United States, investments that are creating jobs across America and driving growth for both economies. Additionally, the framework bolstered our economic security by expanding cooperation on export controls, sanctions, and investment screening, and put us on a path to eliminate the trade deficit by 2028.

Today, the U.S. is the primary destination for Swiss foreign direct investment, surpassing Germany, France, Italy, and the U.K. combined. And conversely, the U.S. is the largest foreign investor in Switzerland. Beyond investment, we maintain high-level partnerships across academia, technology, innovation, culture, and workforce development, and our nations’ relations are only poised to strengthen and deepen in the years ahead.

Thanks in no small part to the tremendous work of Presidents Trump and Parmelin, as well as the American Swiss Foundation. And I close with the legacy of a dear friend of many of yours – the late Ambassador Faith Whittlesey, who was one of the key architects of this organization and also one of the visionaries behind our countries’ lasting partnership and shared dynamism. She was devoted to our friendship. She was a top advisor to American Presidents and corporate leaders while also dedicating time to mentor to so many young leaders. And she would be pleased today that our nations’ shared dynamism will continue to be a powerful force for prosperity, stability, and opportunity around the globe.

Less anyone believe that the U.S. does not understand the importance of Switzerland, we need only look at the recent meeting with President Trump and respected Swiss business leaders.

And in the tradition of Ambassador Whittlesey, Ambassador McMullen, and Ambassador Gingrich, our relationship is strong and gets stronger day by day.

Thank you.

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