Trump's tariffs shock Swiss investors, waiting for the market to open on Monday.

After US President Donald Trump imposed a punitive export tariff of 39% on Switzerland, Swiss stock market investors are preparing for the reopening of the market on Monday. Trump announced the tariffs on the Swiss National Day, meaning that any market reaction will only be seen after trading resumes on Monday. Although Trump's new tariff measures did not change the baseline tariff rates for many of the U.S.'s trading partners, countries like Canada and Switzerland faced significant tariff increases. Andreas Wosol, head of European equity value strategy at Allianz Investment, said, "Clearly, the initial reaction in the Swiss market will be negative," but he pointed out that Trump's actions are meant to provoke a response rather than actually imposing tariffs at that level. Holger Schmieding, Chief Economist at Berenberg Bank in Germany, believes that the 39% tariff rate is "more of a strategy to initiate serious negotiations, rather than the final tariff rate, which may be closer to the level imposed on the EU."