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.

The Swiss government plans high-level talks to address the impact of new U.S. import tariffs, aiming to protect key industries and trade relations.