Many had hoped the top two U.S. trading partners could persuade Trump's administration to further delay tariffs that would apply to over $918 billion worth of U.S. imports from the two countries

Trump also plans to impose new tariffs to match the rates charged by other countries. Set to begin as soon as April, the tariffs could be higher than what other countries would charge as subsidies, regulatory barriers and the value added tax — which is akin to a sales tax common in Europe — would be included in the calculations.