President Trump said the U.S. is poised to inform many trading partners of unilateral tariff rates of up to 70%, putting global investors on the defensive with U.S. markets closed for July Fourth.

Major US trading partners scrambled over the weekend to finalize trade deals or lobby for extra time as President Donald Trump said he’s notifying about a dozen countries on Monday of the new tariff level on their shipments to the US.

After the hard-fought passing of the massive tax and spending package this week, President Donald Trump is turning his attention back to trade deals as the 90-day tariff pause nears an end.

Control of Congress in next year’s election could turn on how Americans view the sweeping tax- and domestic-policy package.

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