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.

Trump's 145% tariffs on Chinese goods have caused cargo shipments to plummet by up to 60%. Major retailers warn of empty shelves and higher prices as the critical inventory-building period for holiday shopping approaches.