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,

As U.S. President Donald Trump's new tariff regime clicks into gear on Friday, producers around Europe are feeling the impact, some holding back shipments, others hiking sticker prices or taking a hit to margins.

Discrepancies between the two sides' version of the deal have emerged, and key details of the agreement are yet to be negotiated.