Trump has sent letters to leaders of dozens of countries outlining the tariff levels set to begin on Aug. 1. In recent months, Trump has rolled back some of his steepest tariffs, meaning delays could be possible in the case of the Aug. 1 deadline. The Trump administration appears to have stood largely behind the deadline in recent days, however.

Trade deals have never been more in the headlines, as Donald Trump continues to threaten countries with higher tariffs until they sign new agreements with the US.

The White House is still planning to hit dozens of other trading partners with double-digit duties next month, in a sweeping move that could disrupt global supply chains and spark retaliatory measure...

A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

Japan has a done a trade deal with Washington which will cut tariffs on the crucial car sector to 15%, in exchange for $550 billion of Japanese investment in the U.S.

US car-makers, however, were not not happy with the deal which cuts tariffs on imports from Japan while leaving taxes on imports from their plants and suppliers in Canada and Mexico at 25%.