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).

Swiss businesses and negotiators have been stunned by news overnight that the country faces a 39% U.S. import tariff from Aug. 7, one of the highest rates in the world. The duty would be a devastating blow to the export-reliant economy and threaten thousands of jobs,

The United States and the European Union have reached a preliminary trade deal to avoid a 30% U.S. tariff on imported goods from the EU that President Donald Trump threatened would go into effect on Aug.

U.S. President Donald Trump announced on Thursday new tariffs of up to 41% on goods imported from dozens of countries, again citing emergency powers he says he is using to shrink the country's trade deficits with many of its trade partners.