Swiss manufacturers warned on Friday that tens of thousands of jobs were at risk after U.S. President Donald Trump hit them with one of the highest tariff rates in his global trade reset, even if there was some relief for now for the key drugs sector.

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.

President Trump’s executive order carved out a special tariff on goods shipped indirectly to the United States by way of other countries.

In the wake of US President Donald Trump's latest tariff blitz on dozens of economies, China has reiterated a stern warning against protectionism amid growing concern that it will "harm the interests of all parties".

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.

The Swiss watch industry has been suffering from weak global demand and sales. A new 39% tariff on Swiss goods from the may add to their hard time.