Shares of Watches of Switzerland Group Plc fell as much as 6% after U.S. President Donald Trump announced a 39% tariff on imports from Switzerland — one of the steepest rates introduced so far in the escalating trade war.

The retailer, known for selling Rolex and other Swiss timepieces in the U.K. and U.S., has been hit hardest by the latest tariff measures. Financial markets in Switzerland were closed for a public holiday, initially sparing listed producers such as Richemont and Swatch Group AG from immediate share price reaction.

Swiss watch exports had already surged earlier this spring, as Trump threatened a 31% levy. Importers rushed to bring in inventory ahead of potential tariffs, before volumes eased in anticipation of a possible compromise.

If the 39% tariff proceeds,

See Full Page