The president has already threatened an additional 10% tariff on goods from countries aligning themselves with a bloc of nations that includes China and Russia.

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 Donald Trump told Japan and South Korea the U.S. has set 25% tariffs on their goods, in the first of several trade moves expected to be announced over the next 48 hours. He will also issue an executive order that will extend the previous July 9 deadline for all trade deals to Aug.