Trump’s Shock 39% Tariff Crashes Swiss National Day Party (2)

Switzerland’s political and business elite are reeling from Donald Trump’s shock punitive tariffs that the government was confident it had avoided.

The US president’s decision to slap tariffs of 39% on all Swiss imports is among the most dramatic of any so far, heralding a rude awakening on Friday, a national holiday that is a highlight of Switzerland’s summer calendar.

The stakes are enormous. Last year, such was the extent of the country’s goods exports that it saddled the US with a $38 billion bilateral trade deficit, the 13th biggest for the world’s largest economy. That tally is likely ...