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.

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.

A 39% tariff on Swiss goods is a blow for a country that hoped to reach an early trade deal with the Trump administration. The rate, due to take effect on Thursday, exceeds the 31% level floated in April.

Donald Trump will impose a 39% tariff on imports from Switzerland, one of the steepest levies globally which threaten to leave the country’s key exports reeling.