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.

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.

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.

President Trump is moving forward on a new suite of tariff rates with an approach focused on grouping countries into tiers — a change from a previous approach of simply looking at the trade deficit.

President Donald Trump’s extensive tariffs have already started to generate a significant amount of money for the federal government, a new source of revenue for a heavily indebted nation that American policymakers may start to rely on.

The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday.