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.
Vice President JD Vance is now presiding in the president's chair in the Senate.
Vance cast a tie-breaking vote on a perfecting amendment from Republican Sen. Lindsey Graham.
Senate Minority Leader Chuck Schumer raised a point of order against the title of the "One Big Beautiful Bill Act."
Schumer said it violated the reconciliation rules.
"The point of order is sustained. The text will be stricken," the chair said.
That means Trump's massive tax and domestic policy bill is now nameless.
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
