The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.

On “Liberation Day” on April 2, Donald Trump gushed about how trade was finally going to tilt in America’s favor after decades of its workers and companies being “plundered.” For the president, unfettered tariffs would soon make the US “an entirely different country.