Shares in Watches of Switzerland plunged after Donald Trump whacked a 39 per cent tariff on Swiss imports – hitting it with the toughest tariffs in Europe from August 7.
The stock fell 6.8 per cent, or 23.8p, to 326.8p, deepening the gloom around the luxury industry.
Shares in the group, which sells brands Rolex, Cartier and Audemars Piguet, and is advertised by actress Dakota Johnson (pictured), have plunged 23 per cent since Trump first announced tariffs on April 2.
Trumped: Watches of Switzerland, which sells brands Rolex, Cartier and Audemars Piguet, is advertised by actress Dakota Johnson (pictured)
Analysts at Barclays said this could be a ‘significant headwind’ for the London-listed company as brands will be likely to raise prices.
It had been opening US showrooms after being bitten by waning demand for watches and jewels, especially in the UK and Europe. Swiss luxury group Richemont also fell by 2.6 per cent.
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