On July 4, as the US celebrated Independence Day, Switzerland’s top circle of ministers also had reason to rejoice. They’d secured a deal to avoid punitive tariffs from Donald Trump — or so they thought.

President Trump sees Switzerland as doing too little to address its trade deficit with the U.S., a gap he focused on as he imposed a 39% tariff on Swiss goods.

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.