A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

ABC News’ Selina Wang discusses the impact of the new trade deal with Japan, including the response from American automakers.

Instead, the deals have been overshadowed by warnings from U.S. firms about the impact of Trump’s tariffs to their bottom lines, prolonging a cloud of uncertainty over a U.S. economy already operating at stall speed.

U.S. President Donald Trump’s trade deal with Japan has sparked fresh optimism that the global economy will manage to avoid getting hit with extremely elevated tariffs, even as many U.S. trading partners still don’t have agreements.