President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, but suggested that he was still open to additional negotiations and pushed off increased duties until at least Aug.

President Donald Trump and his administration are racing to get trade deals done ahead of a self-imposed deadline, at which point tariffs are set to rise for dozens of countries across the world.

Financial markets are on edge about higher import taxes, but White House officials say they anticipate “a lot of deals very quickly.”

President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia

Asian shares are mostly down as the Trump administration steps up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline

Japan, South Korea, Malaysia and Kazakhstan will face 25% import duties starting Aug. 1, while goods from Laos and Myanmar will face a 40% tariff.

The Indian rupee is poised to begin the week on a weak note, pressed by the decline in Asian peers following U.S. President Donald Trump's comments that higher tariffs could be reinstated by August if trade deals aren't secured.