U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday.

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.

Trump said Japan’s rate could end up at “30%, 35%,” which would be substantially higher than the 24% initially set when widespread tariffs were announced on April 2.