Since April 2, or “Liberation Day,” as the White House now calls it, Donald Trump has invoked emergency legal powers to unilaterally impose tariffs on major exporters to the United States, bypassing Congress entirely. His stated goal is to boost federal revenue without cutting into corporate profits or the fortunes of America’s wealthiest people.

Trump is projecting $2 to $5 trillion in new revenue over the next decade. These tariffs, he claims, will also jump-start American reindustrialization. While many economists dispute this logic, Trump remains fiercely committed to his neomercantilist vision. Now he has Switzerland in his sights.

On August 1 — Swiss National Day — just as negotiations over a 31 percent tariff announced in April seemed headed toward a “reasonable compromise,” Trump stunned his counterparts by unilaterally raising the rate to 39 percent. This was one of the highest rates imposed on any country, well above the ones negotiated by the European Union (15 percent) or the UK (10 percent). After a failed last-minute attempt by the Swiss government to renegotiate the tariff, it came into effect on August 7.