Switzerland will continue talks with the United States, its president said on Thursday, after President Donald Trump placed crippling import tariffs on Swiss goods, which threaten to inflict serious damage on its export-focused economy.

Swiss leaders refrained from implementing countermeasures against sweeping US tariffs and instead want to focus on further talks to find a solution with Donald Trump’s administration.

Goods shipped from the country face a 39 percent tariff in the U.S., which companies warn will have dire consequences if President Trump cannot be quickly dissuaded.