Crucial exporters to the US such as Taiwan, the world’s most important semiconductor exporter, will incur steep new levies. Trump also raised tariffs on Canada, an ally and major trading partner, to 35 per cent. India was hit with a rate of 25 per cent and Switzerland with 39 per cent.

The Trump administration’s tariffs are facing a major challenge in front of federal judges. Meanwhile, Mexico got a 90-day reprieve from higher rates.

By John Revill and Olivia Le Poidevin RUETLI, Switzerland (Reuters) -Swiss manufacturers warned on Friday that tens of thousands of jobs were at risk after U.S. President Donald Trump hit them with one of the highest tariff rates in his global trade reset,

The Swiss government said Friday it would negotiate with the United States to try to avoid the tough 39-percent US tariff rate that would harm key industries.