Trump initially sparked hysteria in the financial markets by announcing tariff rates on dozens of countries, including 24% on Japan and 25% on South Korea. In order to calm the markets, Trump unveiled a 90-day negotiating period during which goods from most countries were taxed at a baseline 10%.

President Trump on Monday said 25% tariffs on goods from South Korea and Japan will go into effect on August 1.

The 25 percent fee will go into effect on August 1st, which is when the Trump administration will also impose sweeping tariffs on countries that don’t reach US trade deals.