President Trump’s tariff onslaught left a lot of losers, from small, poor countries such as Laos and Algeria to wealthy U.S. trading partners such as Canada and Switzerland. But there were no real winners -- including the U.

President Donald Trump’s tariff onslaught this week left a lot of losers – from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They’re now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug.

Switzerland’s 11th-hour phone call with Donald Trump offered the nation a harsh reality check: A trade deal isn’t a deal unless the US president personally closes it.

U.S. President Donald Trump's latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday and countries and companies scrambling to seek ways to strike better deals.

Donald Trump will impose a 39% tariff on imports from Switzerland, one of the steepest levies globally which threaten to leave the country’s key exports reeling.

39%? For Switzerland, this is a huge shock, and worse than the worst-case scenario – these are the highest tariffs in Europe. Globally, the fourth highest, behind only Syria, Laos, and Myanmar, (although if President Trump follows through on his 50% tariff threat then Brazil will jump to the top of the list).