President Donald Trump's new global "America First" tariff regime has left some in two close European trading partners scratching their head over the new rates.

Last week, Trump's team slapped a fixed tariff of 35% for Serbia's imports to the United States, and Switzerland was hit with an even heftier 39%.

Meanwhile, most trade deals across Europe and globally have been averaging a 15% tariff on goods imported

Trump successfully struck a deal with the EU for a 15% basic tariff rate and promise for Europe to spend $600 billion in direct investment in the U.S.

Trump's EU tariff deal has been considered a big win by the administration, as the U.S. currently runs a $249 billion trade deficit with the EU.

But Serbia has a been a completely different story in terms of size and scope.

Recent data shows Serbia's exports to the U.S. have been relatively small — in 2024, they totaled $814 million.

Meanwhile, U.S. exports to Serbia, a relatively small country, were approximately $209 million — leaving a trade deficit with the U.S. of $604 million.

But the Serbs note that on a comparative basis to GDP, Serbia's trade deficit with the U.S. is 45% of the EU's.

Serbia is also a staunch U.S. ally.

Under the leadership of President Aleksandar Vucic, the country has moved squarely into the U.S. orbit, though not a NATO member.

A recent Gallup study found that Serbia is the most pro-Trump of any European nation, with Serbs giving him the highest approval ratings.

Another trade policy oddity is Switzerland with new tariffs opening up at a draconian 39%.

For sure, there's an imbalance of $48 billion favoring the Swiss.

Driving the trade imbalance is that Switzerland's franc has become almost 30% stronger than the dollar in recent years, while the Euro has remained weak.

This drives up the value of Swiss imports into the U.S., making the imbalance look worse than it really is.

Before the Trump tariff action, Switzerland was one of the most open trading partners with the U.S.

For example, Switzerland had a near zero tariff on U.S. goods, one of the most favorable deals across Europe.

Switzerland is now the sixth-largest investor in the United States, a significant high placement for a country ranked 21st for highest GDP in the world.

The country has offered the Trump administration to make direct investment in the U.S. of $175 billion, bringing more pharmaceutical and manufacturing facilities to the United States.

The Swiss investment plan of $175 billion would be the equivalent of the EU investing $1.9 trillion, on a comparative basis to GDP.

Thus, the Swiss plan is extremely lucrative for the U.S. on an apples-to-apples basis.

The tariffs are set to begin this week.

But Trump told NBC News that although they have been set, he is still open to potential agreements with individual countries.