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.

ZURICH (Reuters) -Switzerland's government will hold an extraordinary cabinet meeting on Monday to discuss its response to President Donald Trump's 39% tariff on Swiss imports, which threatens to inflict heavy damage to its U.S.-dependent luxury goods industry.

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.