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,

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.