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

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

President Donald Trump’s so-called “Liberation Day” tariffs are set to go into effect on Aug.1, after a 90-day delay. If an agreement isn’t reached, several counties will face steep tariffs ranging from 10%-50% on imports.