With just five days remaining in the tariff moratorium, the White House is expected to begin delivering a message to a dozen or so countries: Time is up, and here’s your new rate.

US President Donald Trump has threatened to impose a "30% or 35%" tariff on Japan if a deal between the two countries is not reached before a deadline next week. That would be well above the 24% tariff Japan was hit with as part of Trump's so-called "Liberation Day" on 2 April,

President Trump said his administration will begin notifying several of its trading partners of unilateral tariffs as high as 70%, escalating trade tensions as markets closed for the July 4 holiday. “We’re going to start sending letters out to various countries starting tomorrow,