Watches of Switzerland Tumbles After Trump's 39% Tariff Salvo
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Shares of Watches of Switzerland Group Plc fell as much as 6% after US President Donald Trump imposed a 39% tariff on imports from Switzerland, one of the steepest rates globally in his escalating trade war.
The retailer, which sells Rolex and other Swiss timepieces in the UK and the US, bore the brunt of the latest tariff salvo. Financial markets in Switzerland were closed for a holiday, initially sparing listed producers such as Richemont and Swatch Group AG.
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