LONDON

The Swiss government said Monday that they are ready to present a "more attractive offer" in negotiations with the US over tariffs, with no plans for any countermeasures.

The Federal Council has decided to continue negotiations following the US announcement of a higher 39% tariff on Swiss imports, the government announced in a statement.

It noted that Switzerland is committed to securing fair treatment compared with its key competitors to safeguard favorable conditions for its economy.

"The Federal Council is determined to pursue discussions with the United States beyond the current joint statement proposal and, if necessary, beyond the 7 August deadline," read the statement.

Noting that through its contacts with the business community, the Federal Council has developed new approaches for its discussions with the US, the government said it will continue negotiations with the aim of reaching a trade deal.

"Switzerland enters this new phase ready to present a more attractive offer, taking US concerns into account and seeking to ease the current tariff situation," it added.

Bilateral trade between the two countries has quadrupled over the past 20 years, as Switzerland is currently the sixth-largest foreign investor in the US.

"The Federal Council is keen to preserve and build on these dynamic ties," it added.

The new tariffs, announced by Washington on July 31, would mean that nearly 60% of Swiss exports to the US face a 39% surcharge from Aug. 7 onwards.

This puts Switzerland at a "distinct disadvantage" compared with other trading partners with similar economic profiles, like the EU with 15%, UK with 10%, and Japan with 15%.

The statement also noted that the Federal Council is not currently considering any countermeasures.