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.

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.

39%? For Switzerland, this is a huge shock, and worse than the worst-case scenario – these are the highest tariffs in Europe. Globally, the fourth highest, behind only Syria, Laos, and Myanmar, (although if President Trump follows through on his 50% tariff threat then Brazil will jump to the top of the list).

The levy - up from an originally proposed 31% tariff that Swiss officials had described as "incomprehensible" - is a body blow for the small Alpine nation, which counts the U.S. as the top export market for its pharmaceuticals, watches, machinery and chocolates.

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.