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 Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.

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.

European nation faces 39-percent tariff rate as Trump administration unveils new duties on dozens of trade partners.

Swiss leaders refrained from implementing countermeasures against sweeping US tariffs and instead want to focus on further talks to find a solution with Donald Trump’s administration.