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A person sits in front of the Lindt Chocolates store on April 11, 2025 in Basel, Switzerland. <\/p>\n
Sedat Suna | Getty Images News | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Switzerland is officially on holiday Friday for the country\u2019s national day. But many market watchers <\/strong>have been hauled back to their desks by news overnight that they have been hit with a 39% tariff rate by the White House.<\/p>\n That came as a shock to the Alpine nation. Indications in the Swiss press had been that the country was close to negotiating an outline deal similar to those struck by the European Union<\/a>, the U.K.<\/a> and Japan<\/a>, which set baseline tariffs between 10% and 15%. Instead, it has received one of the highest rates<\/a> of any country.<\/p>\n That is hugely significant, with the U.S. accounting for around a sixth of Switzerland\u2019s total exports. Businesses breathed a sign of relief in April when the country swerved initial plans for a 31% tariff, being handed an interim 10% duty along with most of the world.<\/p>\n<\/div>\n