Trump has been railing against what he saw as America's bad standing in global trade since long before he entered politics. In a 1987 open letter published as a full-page ad in major U.S. newspapers, he accused wealthy U.S. allies of freeloading off American military protection while running trade surpluses at the expense of the United States.

Commerce Secretary Howard Lutnick previously suggested tariffs with other countries could be above 10%, even after a deal is reached.

President Donald Trump said on Friday that the U.S. will maintain a baseline 10% tariff on imports even after trade deals are struck, adding there could be exemptions when countries offer significant trade terms.