For many countries, the reprieve from President Donald Trump’s eye-watering global tariffs, which were first announced on April 2 and temporarily reduced to 10% a week later, is soon set to come to an end.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

President Donald Trump's tariff policies signal a shift in global trade, with potential deals pending with Japan and India. His hardline stance introduces a uniform 10% tariff on imports, with specific countries facing higher rates.