The USD/CHF currency pair plumbed a fresh 24-week low of 0.8588 on Thursday, after US President Trump unveiled an extensive set of import tariffs, which added more fuel to an already simmering global trade war, boosting safe haven assets such as the Swiss Franc.

Yesterday the Trump administration announced a 10% baseline tariff on all imports to the United States and higher levies on a number of nations, including some of the US key trading partners.

The most substantial tariffs were aimed at China, as the country was hit with a cumulative 54% duty, comprising a newly imposed 34% levy added to the existing 20%. This aggressive move against the world’s second-largest economy prompted immediate vows of retaliatory measures from Beijing.

Traditional allies were also targeted, as Japan confronted a 24% tariff, while the European Union faced a 20% levy. The US also imposed a 31% tariff on Swiss imports.

“Eye-watering tariffs on a country-by-country basis scream ‘negotiation tactic’, which will keep markets on edge for the foreseeable future,” Adam Hetts, global head of multi-asset and portfolio management at Janus Henderson Investors, was quoted as saying by Reuters.

Trump also confirmed that the 25% global car and truck tariffs would come into effect on April 3rd, while levies on automotive parts imports would take effect on May 3rd.

The US President framed the tariff measures as a strategy to support domestic manufacturing and to narrow trade deficits.

Investor focus now sets on the Non-Farm Payrolls report, due out on Friday, for more clues over the state of the economy and the Fed’s future rate cut path.

The USD/CHF currency pair was last losing 2.16% on the day to trade at 0.8620.