If approved by lawmakers, the legislation is expected to face a national referendum, where nationalist groups have signalled opposition, arguing that deeper integration with the EU could undermine Swiss sovereignty.

The Federal Council said the proposed framework was designed to safeguard Switzerland’s economic interests and ensure continuity in its relationship with the EU.”

“In view of the tense geopolitical situation, stable and reliable relations with neighbouring European countries are of strategic importance,” the council said in a statement.

The government added that strengthening institutional cooperation with the bloc would provide greater certainty for Switzerland’s export-driven economy.

The legislative package builds on an agreement initially reached between Switzerland and the European Union in December 2024.

According to the Federal Council, the framework would help create predictable conditions for trade and economic cooperation while supporting long-term prosperity in the Alpine country.

Under Switzerland’s system of direct democracy, major legislative changes can be challenged through a nationwide referendum.

Political observers say the proposed measures are likely to face strong scrutiny from nationalist groups that oppose closer institutional ties with the European Union, setting the stage for a potentially contentious public vote.

The measure is being prepared through a resolution by the Vietnam Ministry of Finance and aims to ease pressure on the domestic petroleum market as global energy flows are affected by the war involving Iran.

The government said import tariffs on fuels currently range up to 20%, though many imports from countries with free-trade agreements are already exempt from duties.Officials said the temporary suspension would allow companies to secure fuel supplies more easily during the period of market disruption.

“This tariff removal solution is considered necessary to support businesses in proactively securing their supply sources, contributing to stabilizing the domestic petroleum market and ensuring energy security,” the government said in the statement.

Domestic fuel prices in Vietnam have already risen between 21% and 32% since the U.S.-Israeli war with Iran began, reflecting volatility in global energy markets and tighter supply conditions.

Authorities said the tariff suspension, expected to remain in place through April, would reduce state revenue by about 1.02 trillion dong, equivalent to roughly $39 million.

The government framed the policy as a short-term intervention designed to stabilize energy supplies and limit the economic impact of higher fuel costs during the period of geopolitical uncertainty.

First published in 1776, Smith’s landmark work laid the intellectual foundation for modern economic thought, examining how labour, markets and trade contribute to national prosperity. Two and a half centuries later, the principles outlined in the book remain central to policy discussions in major economies grappling with questions about tariffs, inequality and corporate power.Scholars widely regard Smith as a foundational thinker of modern capitalism, though interpretations of his legacy vary. While some view him as a champion of free markets and minimal government intervention, others emphasize his warnings about monopolies and economic concentration.

Smith’s analysis of markets centred on the idea that individuals pursuing their own economic interests could contribute to broader societal prosperity, a concept often associated with the “invisible hand.” His work also explored how specialization and the division of labour could increase productivity and economic growth.Those themes continue to resonate as governments debate trade barriers and industrial policy amid shifting global supply chains and geopolitical tensions. Discussions around tariffs, protectionism and the structure of global markets frequently echo arguments first articulated in Smith’s writings.Economists note that Smith was also critical of policies that concentrated economic power in the hands of a few firms. In The Wealth of Nations, he argued that monopolies and restrictive trade practices could distort markets and limit economic opportunity

The 250th anniversary has renewed academic debate over how Smith’s ideas should be interpreted in modern economic policy. Some economists highlight his support for open trade and competitive markets, while others point to passages in which he warned about the social consequences of inequality and unchecked corporate influence.Smith wrote during a period of profound economic transformation as Britain moved toward industrialization and global trade expansion. His observations about labour, productivity and wealth distribution helped shape early thinking on how economies function and grow.Today, policymakers in advanced and emerging economies alike continue to confront issues Smith addressed centuries ago, including how governments should regulate markets, manage trade relationships and ensure that economic growth translates into broader prosperity.

The global economic landscape has evolved dramatically since Smith’s era, with multinational corporations, complex supply chains and digital markets reshaping commerce. Yet analysts say the core questions explored in The Wealth of Nations remain central to economic policymaking.Debates about tariffs, taxation and competition policy often reflect the tension between protecting domestic industries and maintaining open global markets. Smith’s critique of protectionist trade barriers and monopolistic practices is frequently cited in discussions about how governments should balance those priorities.As governments reassess economic strategies in response to shifting geopolitical and technological forces, the work of Smith continues to serve as a reference point for understanding the dynamics of markets and the sources of national wealth.The enduring relevance of Smith’s ideas underscores the lasting impact of a book written in the 18th century but still invoked in economic debates shaping the 21st-century global economy.

Japanese minister Ryosei Akazawa said the request was made during talks with U.S. Commerce Secretary Howard Lutnick as Tokyo sought assurances that the latest tariffs announced by U.S. President Donald Trump would not undermine the terms agreed in last year’s bilateral trade deal.The United States in February imposed a new 10% blanket tariff on imports that could rise to 15%, a move that has generated fresh uncertainty about global trade flows and the tariff rates facing importers under existing agreements.Akazawa said both governments reaffirmed their commitment to the bilateral trade framework agreed last year, which established a baseline 15% tariff on nearly all Japanese imports into the United States. That agreement had reduced duties from 27.5% on Japanese automobiles and avoided an initially proposed 25% tariff on most other goods.concerns over new tariff framework“We requested that Japan’s treatment under the new tariff rules would not become less favourable than what was agreed last year,” Akazawa said, referring to the potential impact of the newly introduced blanket levy on Japanese exporters.He said the tariffs could otherwise raise costs for certain Japanese products shipped to the United States, though he declined to provide details on specific sectors or how Washington responded to Tokyo’s request.The discussions reflect concerns in Tokyo that changes to U.S. tariff policy could alter the balance achieved in the previous agreement, which was designed to stabilize trade relations between the two countries.investment and economic cooperation discussed.

Akazawa said the talks also covered projects linked to Japan’s pledge to invest $550 billion in the United States, an initiative aimed at deepening economic cooperation between the two economies.He said the two sides discussed collaboration in areas including energy and critical minerals, sectors that have become increasingly important to supply chain security and industrial policy in both countries.The discussions come ahead of a planned visit by Japanese Prime Minister Sanae Takaichi to Washington on March 19, which officials expect will include further talks on economic ties and investment cooperation.U.S. statement focuses on economic tiesThe U.S. Commerce Department said in a post on X that Lutnick and Akazawa met to discuss strengthening economic ties following last month’s investment agreement between the two countries.The department did not mention Japan’s concerns about tariff treatment under the new U.S. import levy.The tariff measures introduced by the Trump administration have prompted governments and businesses to reassess the implications for global trade agreements and supply chains, particularly for export-dependent economies such as Japan.