With just five days remaining in the tariff moratorium, the White House is expected to begin delivering a message to a dozen or so countries: Time is up, and here’s your new rate.

US President Donald Trump has threatened to impose a "30% or 35%" tariff on Japan if a deal between the two countries is not reached before a deadline next week. That would be well above the 24% tariff Japan was hit with as part of Trump's so-called "Liberation Day" on 2 April,

President Donald Trump escalated trade tensions with Japan on Tuesday, threatening to impose tariffs of “30% or 35%” if no agreement is reached before the July 9 deadline. What Happened: The threat represents a significant increase from Japan’s current 10% tariff rate on most exports,