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 Donald Trump sent letters to 14 countries Monday outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1. In the letters, which were posted on Truth Social, Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes.