President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.

Trump delays tariff deadline to Aug. 1, warning dozens of nations to finalize trade deals or face steep new duties. Follow Newsweek's live blog.

Many countries thought they were negotiating in good faith. The White House renewed its “reciprocal” tariff plan anyway, giving countries until Aug. 1 to make offers.