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).

Switzerland's government said on Friday it was assessing the situation after the White House announced a higher 39% tariff on Swiss imports to the United States in an escalating trade war between the two countries.

Swiss officials plan to negotiate urgently for a lower rate, before the punishing levy takes effect next week.