Swiss stock investors are bracing for Monday’s market reopening after US President Donald Trump slapped a punitive 39% export tariff on the country, among the highest in the world. Most Read from BloombergThe World’s Data Center Capital Has Residents SurroundedAn Abandoned Art-Deco Landmark in Buffalo Awaits RevivalWe Should All Be Biking Along the BeachSeeking Relief From Heat and Smog,

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.

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.