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.

Shares of General Motors , Ford Motor , and Jeep-maker Stellantis , some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars,

The U.S. has agreed to lower the tariff rate on Japan’s auto exports to 15%, and a group representing General Motors (GM), Ford, and Stellantis has sounded off. Matt Blunt, head of the American Automotive Policy Council (AAPC) representing these Detroit manufacturers,