Swiss luxury watchmakers' shares, including Richemont and Swatch , were volatile in early trade on Monday, underscoring the challenges for the industry after U.S. President Donald Trump imposed a 39% tariff on Swiss imports.

The Swiss currency has soared this year in response to the turmoil prompted by Trump’s chaotic policymaking, as investors have sought alternatives to US assets. The move has prompted the Swiss central bank to cut interest rates to zero to tackle lagging inflation and the strong currency.

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.

Dozens of countries will face higher tariffs on their exports to the U.S. following Trump's signing of an executive order.

U.S. President Donald Trump holds a chart next to U.S. Secretary of Commerce Howard Lutnick as Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2,