As Wall Street traders continued to share the accusation that “Trump Always Chickens Out,” the president falsely insisted that he did not delay a tariff deadline.

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 Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.