Switzerland's government was due to hold an emergency meeting on Thursday after U.S. President Donald Trump implemented a crippling import tariff on Swiss goods that threatens to inflict serious damage on its export-focused economy.

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.

Switzerland plans to continue negotiating with the US to lower tariffs from the 39% that kicked in on Thursday and will refrain from implementing countermeasures.