U.S. President Donald Trump unleashed a 39% tariff on most Swiss-made products last week, which will come into effect on Thursday. The country - known for its luxury timepieces, chocolate and secretive banks - is racing to gain a reprieve.

The Swiss government said it is determined to win over the US on trade after last week’s shock announcement of 39% tariffs on exports to America. President and Finance Minister Karin Keller-Sutter convened an emergency meeting of the governing Federal Council today to discuss how to proceed — there aren’t many options,

Swiss stocks were down on Monday as investors returned from a holiday to face fallout from a 39% tariff on imports from the U.S.

Dozens of countries will face higher tariffs on their exports to the U.S. following Trump's signing of an executive order.

U.S. President Donald Trump holds a chart next to U.S. Secretary of Commerce Howard Lutnick as Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2,

The tariffs are a substantial new source of revenue for the federal government. The budget may start to depend on it.