Switzerland was looking at a 31% tariff rate for its exports to the U.S. That’s now 39% barring a further deal, and some are reeling.

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.

A 39% tariff on Swiss goods is a blow for a country that hoped to reach an early trade deal with the Trump administration. The rate, due to take effect on Thursday, exceeds the 31% level floated in April.