A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

President Donald Trump said he will impose tariffs ranging from a minimum rate of 15% to a clip as high as 50% as his Aug. 1 deadline looms. “We’ll have a straight, simple tariff of anywhere between 15% and 50%,