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.

The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland.

Swiss officials and business leaders reacted with shock and confusion after the president’s executive order imposing a 39% tariff—a higher rate than all but three nations. The reason for it? A skyrocketing trade imbalance.