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.

Donald Trump will impose a 39% tariff on imports from Switzerland, leaving the European country with one of the steepest levies globally as the US president seeks to cut America’s trade deficit and lure manufacturing to its shores.

The National Taxpayers Union estimates that Trump's tariffs will cost the average U.S. household an additional $2,048 a year or about $171 per month. Consumers will face an overall effective tariff rate of 18%, the highest since 1934, according to the Yale Budget Lab.