President Donald Trump on Thursday declared that he sees no reason to spend time negotiating “complicated” trade deals with every country, announcing that his administration will be following a different strategy going forward.

The president said the U.S. is poised to inform many trading partners of unilateral tariff rates of up to 70%, putting global investors on the defensive.

On Thursday, the president told reporters that he’ll start sending out letters on Friday informing trading partners about unilateral tariffs as high as 60-70%.