The U.S. goods trade deficit with Switzerland was $38.5 billion last year, a 56.9% increase over 2023, according to the Office of the United States Trade Representative. Keller-Sutter said that she believes Trump ultimately chose the 39% tariff, because the figure rounded up from the $38.5 billion goods trade deficit.

Switzerland was looking at a 31% tariff rate for its exports to the U.S. That’s now 39% barring a further deal, and some are reeling.