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(Bloomberg) — A trade deal between the US and Switzerland is awaiting approval from the White House following talks on Thursday that a senior Trump administration official characterized as positive.

The official, who briefed reporters on condition of anonymity, said Swiss negotiators acknowledged the need to reduce or eliminate Switzerland’s trade deficit with the US, a key concern for the Trump administration. The official added that the Swiss also presented plans for reducing the deficit.

Swiss Economy Minister Guy Parmelin and State Secretary Helene Budliger Artieda returned to Bern on Friday after meeting with US Trade Representative Jamieson Greer in Washington, D.C. The minister and his chief negotiator traveled to the US after a draft of the deal was approved by Swiss leadership on Wednesday, according to people familiar with the matter. The ministry confirmed that the trade agreement has now been passed on to President Donald Trump and that the final decision rests with him.

Switzerland’s key aim is to lower the 39% tariff rate the Trump administration has applied to many Swiss goods, including watches and chocolate. That rate is the highest on any developed country, and it puts Swiss exporters at a significant disadvantage relative to EU competitors, who face a tariff level of 15%. The US is seeking to have Swiss tariffs on American goods lowered, even as US officials acknowledge that most of those levies are already low.

The Swiss are hoping to have the US duty reduced to 15%, people familiar with the matter told Bloomberg earlier this week.

While the situation remains fraught — a number of framework trade deals have fallen apart as a result of Trump’s last-minute demands — there are “positive signs” that a deal may soon be reached, a spokesperson for the Swiss Economy Ministry said.

Speaking in Berlin on Friday, Swiss Foreign Minister Ignazio Cassis sounded cautiously optimistic.

“We have reached the end of this second round,” he told reporters after talks with his German counterpart. “The first didn’t end well. So we hope very much that this second one ends. Once again, it has been going well on a technical level. But as long as the president doesn’t make a decision we’d rather not say any more.”

In an indication that US-Swiss relations are warming, people familiar with Trump’s plans confirmed on Thursday that the president is expected to attend the annual meeting of the World Economic Forum in Davos next year.

A tipping point happened last week, when Trump met with a group of Swiss billionaires and corporate executives in the Oval Office, later signaling his intention to step up trade talks with Switzerland.

Trump has confirmed his administration was “working on a deal to get their tariffs a little bit lower,” but added “I haven’t said any number” when asked about a 15% rate.

The Swiss, however, have been burned during trade negotiations with the US before. Swiss officials were blindsided earlier this year by Trump’s implementation of a 39% tariff rate following a contentious phone call between Trump and his Swiss counterpart Karin Keller-Sutter. The call, which Swiss negotiators assumed was little more than a formality, upended tariff talks between the two countries.

Switzerland is not the only country still actively negotiating with the US over tariffs. On Thursday, US officials announced frameworks for trade deals with Argentina, Guatemala, El Salvador and Ecuador.

–With assistance from Josh Wingrove, Justin Sink, Jordan Fabian and Iain Rogers.

(Updates with Swiss foreign minister starting in seventh paragraph)

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