Swiss watch exports tumbled in August as Chinese demand remained weak and stiff US tariffs went into effect.

Exports fell about 17% from a year earlier, the Federation of the Swiss Watch Industry said in a statement Thursday. All main markets saw double-digit declines, with China down 36% and the US — the watch industry’s largest market — falling 24%.

To an extent, the plunge reflected an expected rebalancing following the high level of exports seen in April and July, ahead of anticipated tariffs, according to the statement.

Still, the figures highlight the more challenging conditions for Swiss-based watchmakers, including those controlled by Richemont, Swatch Group AG, and LVMH, as well as independents such as Audemars Piguet, Patek Philippe, and Rolex SA. Swatch shares fell as much as 2.1% and Richemont dipped 0.7% in early trading.

“The broad-based downturn underscores the formidable headwinds the Swiss watch industry continues to face,” Vontobel analyst Jean-Philippe Bertschy said in a note. “Recent reports from several watch brands suggested pockets of resilient US demand and a tentative stabilization in China. Today’s data, however, largely negates those signals,” he said.

The 39% levy the US applied on Switzerland — higher than the European Union and other developed economies — went into effect on Aug. 7 and has shaken the watchmaking industry. Many producers had rushed to build up inventory in the US to avoid tariffs.

One opted for a creative way to nudge the Swiss government to reach an agreement with the US. Swatch last week unveiled a special tariff edition priced at 139 Swiss francs ($176) and sold only in Switzerland. On the dial, the numbers three and nine are reversed — a nod to the 39% duty. The model will be pulled from stores once a new deal is made, according to a spokesperson.

Last Friday, U.S. Commerce Secretary Howard Lutnick struck a more positive tone and predicted that the U.S. would eventually reach a trade deal with Switzerland. The latest talks were described as “constructive.”