Zurich (AFP) — Switzerland said that it was ready to make a better offer to the United States to avoid steep tariffs that have shocked the country.

The Alpine nation faces a 39-percent duty, one of the highest among the dozens of economies that will be hit by new tariffs expected to come into force from Thursday.

The Swiss stock market tumbled by more than two percent when it opened on Monday before paring its losses later in the day, ending the day down just 0.15 percent. It was closed for a national holiday when Trump unveiled the tariffs on Friday.

Trump had originally threatened in April to slap a 31-percent tariff on Switzerland, which swiftly decided to negotiate with the United States.

By comparison, the 27-nation European Union struck its own deal with Trump and will face tariffs of 15 percent, down from a previous threat of 30 percent.

Swiss President Karin Keller-Sutter has said Trump believes that Switzerland “steals” from the United States by enjoying a trade surplus of 40 billion Swiss francs ($50 billion).

The Swiss Federal Council said after an emergency meeting on Monday that it would “continue negotiations with the aim of reaching a trade deal,” even beyond the Thursday deadline.

“Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation,” the council said in a statement.

It said the looming tariff put the country “at a distinct disadvantage compared with other trading partners with similar economic profiles,” citing lower duties for the EU, Britain and Japan.

US Trade Representative Jamieson Greer, however, warned on Sunday that “the coming days” were not likely to see changes in any duties as the “tariff rates are pretty much set.”