Switzerland said on Monday it was ready to make a better offer to the United States to avoid steep tariffs that have shocked the country, AFP reported.

The Alpine nation faces a 39-percent duty, one of the highest among the dozens of economies that will be hit by new tariffs expected to come into force from Thursday.

The Swiss stock market tumbled by more than two percent when it opened on Monday before paring its losses later in the day, ending the day down just 0.15 percent. It was closed for a national holiday when Trump unveiled the tariffs on Friday, according to AFP.