Trump said he agreed to lower tariffs on Swiss goods after meetings with Rolex and other leaders

• President Donald Trump said he reduced tariffs on Swiss imports after meeting with executives.
• He said at the World Economic Forum in Davos that he met with Rolex and others in Switzerland.
• The tariff rate on Swiss goods dropped from 39% to 15% last year.

President Donald Trump had a change of heart on tariffs after meeting with Rolex and other Swiss companies.

Trump addressed the World Economic Forum in Davos, Switzerland, on Wednesday, where he shared an anecdote about his decision to lower the tariff rate on Swiss imports from the 39% he proposed in July. He said meetings with Swiss businesses, including watchmaker Rolex, influenced the decision.

Trump said, "all hell really broke out" after he proposed the tariff rate.

"I was paid visits by everybody," he said. "Rolex came to see me."

Trump said that watch brands like Rolex had contributed to a trade deficit with Switzerland.

"But I realised, and I reduced it because I don't want to hurt people," he said of the tariff rate.

As it stands, there's a 15% cap on the tariff rate for Swiss imports.

However, that rate could change again, Trump said. He said he initially planned a 30% tariff on Switzerland, then raised it to 39%, before lowering it to 15%.

"We brought it down to a lower level. Doesn't mean it's not going up, but we brought it down to a lower level," Trump said.

Some US watch sellers have said higher tariff rates could lead Swiss watchmakers to raise prices, which could affect consumers.

Rolex didn't immediately respond to a request for comment from Business Insider.

Swiss business leaders met with Trump last year to discuss the tariffs, and Rolex left him with a desk clock modeled after one of its iconic watches, watch publication Hodinkee reported.

Trump had kind words for Swiss watchmakers at Davos.

"They make beautiful watches, great watches, Rolex, all of them," he said.