The president said the U.S. is poised to inform many trading partners of unilateral tariff rates of up to 70%, putting global investors on the defensive.

On Thursday, the president told reporters that he’ll start sending out letters on Friday informing trading partners about unilateral tariffs as high as 60-70%.

Time has run out for some US trade partners looking to make deals ahead of President Trump's July 9 deadline for tariffs to snap back to higher levels. Letters will start going out to countries on Friday to notify them of the tariff rates they will face on imports to the US,