Meanwhile, Brazil announced its own countermeasures while Mexico remains confident it will reach a deal by Aug. 1.

After President Trump’s global tariffs on steel and aluminum took effect, the European Union and Canada announced billions of dollars in levies on American goods. The stock market recovered ...

"It’s all going to be the same for everyone," the president told reporters of the U.S. duty those countries will face.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.