Switzerland is home to some of the world's most famous watch, chocolate, pharmaceutical and precision instrument brands in the world.

Switzerland, home to some the world's most recognizable luxury brands, now faces an upcoming 39% tariff from the U.S. Industry groups on Friday warned that both Swiss companies and American consumers could pay the price.

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.