He added that BRICS-aligned nations will face an additional 10% tariff.
After days of Republican drama, the House on Thursday passed President Donald Trump's sweeping tax cut and spending bill.
Trump helped Speaker Mike Johnson pressure GOP holdouts into flipping their no votes to allow the measure to go forward in time to meet the president's self-imposed July Fourth deadline.
The Senate chamber is quickly filling up as a vote is underway on an amendment from Minnesota Democratic Sen. Amy Klobuchar related to SNAP cuts.
Majority Leader John Thune is now on the floor speaking with other lawmakers.
About 40 minutes from the time that Republican leaders told senators to take their seats in the chamber in anticipation of a final vote on Trump's megabill, Republican leaders like Senate Majority Leader John Thune and Senate Majority Whip John Barrasso are still not on the floor.
Neither are key holdouts including Sens. Lisa Murkowski, Susan Collins, Ron Johnson, Rick Scott, Mike Lee or Cynthia Lummis.
Plus, Senate Parliamentarian Elizabeth MacDonough is still sitting behind the dais, feverishly shuffling through papers. There are about 10 staff members surrounding her, along with six or seven sheets of what is presumably the bill laid in front of her.
It appears to be a sort of live Byrd Bath, as key provisions still need to be ruled on -- all with the fate of Trump's megabill still on the line.
-ABC News' Isabella Murray
As senators are being called to return to their desks in the chamber, Senate Majority Leader John Thune told reporters on Tuesday morning that he believes he has the votes to pass the "One Big Beautiful Bill Act."
"Do you have a deal to pass this?" Thune was asked by a reporter.
"I believe we do. But like I said, I'm of Scandinavian heritage, so I'm always a bit of a realist, so we'll see what happens," he responded.
Republican Whip John Barrasso has advised senators to be in their seats in the next 10 minutes.
President Trump told ABC News Senior Political Correspondent Rachel Scott he's open to moving back the July 4 deadline he set for Republicans to send that massive tax and spending bill to his desk.
"I'd love to do July 4," Trump said as he took reporter questions while leaving the White House early Tuesday. "But I think it's very hard to do July 4. It was two months ago -- I would think maybe July 4, but somewhere around there."
It's a sign the president is aware of the political headwinds this bill is facing in the Senate.
ABC's Scott also asked the president about the holdouts. He delivered a veiled threat, saying Republicans who do not support the bill will "pay the consequences."
"I think it would be very wise for them to get on board. I really do," Trump said.
