39%? For Switzerland, this is a huge shock, and worse than the worst-case scenario – these are the highest tariffs in Europe. Globally, the fourth highest, behind only Syria, Laos, and Myanmar, (although if President Trump follows through on his 50% tariff threat then Brazil will jump to the top of the list).

As U.S. President Donald Trump's new tariff regime clicks into gear on Friday, producers around Europe are feeling the impact, some holding back shipments, others hiking sticker prices or taking a hit to margins.

World shares retreated Friday following choppy trading on Wall Street that saw more losses and as investors assess President Donald Trump's order imposing new tariffs on 68 countries and the European Union starting in seven days.

Discrepancies between the two sides' version of the deal have emerged, and key details of the agreement are yet to be negotiated.