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.

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,