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).

A 39% tariff on Swiss goods is a blow for a country that hoped to reach an early trade deal with the Trump administration. The rate, due to take effect on Thursday, exceeds the 31% level floated in April.

Switzerland was looking at a 31% tariff rate for its exports to the U.S. That’s now 39% barring a further deal, and some are reeling.