On July 7, Trump announced 25% tariffs on imports from Japan and South Korea, effective August 1. He also announced separate rates for a number of other countries. On Tuesday, he said letters would be going out soon to dozens of smaller countries notifying them their goods would face a tariff rate of over 10%.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.

Several minor U.S. trading partners are about to get hit by levies, President Donald Trump told reporters late Tuesday.