Swiss officials and business leaders reacted with shock and confusion after President Trump’s executive order imposing a 39% tariff—a higher rate than all but three nations. The reason for it? A skyrocketing trade imbalance.

Donald Trump will impose a 39% tariff on imports from Switzerland, leaving the European country with one of the steepest levies globally as the US president seeks to cut America’s trade deficit and lure manufacturing to its shores.

President Trump’s tariff onslaught left a lot of losers, from small, poor countries such as Laos and Algeria to wealthy U.S. trading partners such as Canada and Switzerland. But there were no real winners -- including the U.

President Donald Trump’s tariff onslaught this week left a lot of losers – from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland. They’re now facing especially hefty taxes – tariffs – on the products they export to the United States starting Aug.

Switzerland’s 11th-hour phone call with Donald Trump offered the nation a harsh reality check: A trade deal isn’t a deal unless the US president personally closes it.