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%.

Trump’s initial global reciprocal tariffs unveiled on April 2 ranged from 10% to 49%, including 49% on Cambodia, 25% on South Korea, 24% on Japan, 32% on Taiwan and 26% on India.