The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

Trump and his aides have repeatedly shifted their stance on tariffs since the president’s “Liberation Day” announcement.

That all came after Trump's plans hit their biggest roadblock yet in court, when late last month the US Court of International Trade ruled that Trump had overstepped his authority when he imposed tariffs. This ruling was eventually stayed but the fight is likely to see a final ruling from the Supreme Court.

U.S. President Donald Trump's latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward.

For many countries, the reprieve from President Donald Trump’s eye-watering tariffs, which were implemented on April 2 and temporarily reduced to 10% a week later, is now set to come to an end on August 1.

WASHINGTON—President Trump reignited his global trade war Monday, renewing his threat to hit partners with punishing tariffs even as he announced a three-week extension to negotiate deals. Trump signed an executive order extending the date when his so-called reciprocal tariffs would take effect,

President Donald Trump has threatened to impose a 10 percent tariff on any country aligned with the BRICS bloc, delivering a potential economic blow to Russia.

President Donald Trump continued to express his displeasure with Russian President Vladimir Putin on July 8 and said he was open to sanctioning him.