The Trump administration has said that some countries will receive notices of their higher tariff rates beginning July 7.

The United States will impose 25% blanket tariffs on imports from Japan and South Korea starting Aug. 1, President Donald Trump revealed.

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%.