Looking for a textbook example of the uncertainty Trump has created with his global trade war – abetted by wars in Ukraine and Gaza – look no further than Switzerland.

The 39% punitive tariffs threatened by U.S. President Donald Trump have caused an uproar in Switzerland. But how important are U.S. exports to the economy? And is Switzerland now teetering on the edge of an economic crisis?

The Swiss government said it had “no indication” the country would be hit with a 39 percent tariff, which is set to take effect this week.