Switzerland is ready to make a "more attractive offer" in trade talks with Washington, its government said on Monday, following a crisis meeting aimed at averting a 39% U.S. import tariff on Swiss goods that threatens to hammer its export-driven economy.

The Swiss government said it is determined to give the US better terms on trade after last week’s shock announcement of 39% tariffs on exports to America.

The Swiss government said it had “no indication” the country would be hit with a 39 percent tariff, which is set to take effect this week.