President Trump said the U.S. will impose steep levies on imports from 20 countries starting next month, raising pressure on trading partners.

The yen, for its part, has been steadily weakening as the prospects dim for a U.S.-Japan trade deal. The dollar was up 0.6% on Friday at 147.12 yen and is headed for a weekly gain of 1.7%, the biggest this year. On the crosses, the yen is down for a seventh straight week on the euro and hit a five-month low on the Australian dollar .

“Other countries routinely use tariffs to advance their foreign policy and national security interests, and President Trump is committed to using every tool at his disposal—including access to the American economy, the world’s biggest and best consumer market—to put Americans and America First,” said White House spokesman Kush Desai.

Trump’s new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

Japanese Prime Minister Shigeru Ishiba said on Thursday his country needed to wean itself from U.S. dependence in such key areas as security, food and energy, as Tokyo faces the prospect of new U.S. tariffs in three weeks.

President Donald Trump is threatening to impose higher tariffs on Japanese exports to the United States over what he claims is the country’s unwillingness to buy American-grown rice.

President Trump threatens new tariffs on Japan as trade negotiations stall. WSJ editor Peter Landers explains why the two countries are seemingly at odds, and what is at stake economically. "Japan is taking a hard line and demanding the U.

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,