One country is clashing with the U.S., the other racing to appease Washington. Both approaches are being tested ahead of a looming deadline for trade deals.

Switzerland is ready to make a "more attractive offer" in trade talks with Washington, its government said on Monday, following a crisis meeting aimed at averting a 39% U.S. import tariff on Swiss goods that threatens to hammer its export-driven economy.

Swiss officials and business leaders reacted with shock and confusion after the president’s executive order imposing a 39% tariff—a higher rate than all but three nations. The reason for it? A skyrocketing trade imbalance.