WASHINGTON -- U.S. President Donald Trump told Japanese Prime Minister Shigeru Ishiba that he is looking to end America's trade deficit with its key ally and that it can be done "very quickly" through the expansion of energy exports.

Trump said he'd announce a plan next week to impose "reciprocal" tariffs on countries instead of a "flat fee."

President Donald Trump said on Friday he plans to announce reciprocal tariffs on many countries next week, a major escalation of his trade war. Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve U.

One of the biggest casualties of Donald Trump's potential tariffs on Mexico and Canada is likely to be the Japanese automaker that can least afford the pain: Nissan .

President Donald Trump reversed part of his tariffs on China related to cheaper goods via executive order, but that reversal is not expected to last for long. Last week, Trump issued an executive order that went into effect Tuesday,