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.

President Trump’s 39% tariff on Swiss goods sparks urgent negotiations as Switzerland faces major economic risks and rising prices on luxury and consumer products.

The price of U.S. gold futures spiked Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars.

Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks finished the week on a mixed note.