US President Donald Trump speaks during a multilateral lunch with visiting African Leaders in the State Dining Room of the White House in Washington, DC, on July 9, 2025.

The European Union is awaiting clarity on the approach that President Donald Trump wants to take with respect to tariffs. According to a Reuters report, the EU is bracing for a tariff letter from the White House on Friday,

The trade war chaos that engulfed the early months of President Donald Trump’s second term looked set to return Monday as he threatened two major U.S. trading partners with higher duties ahead of a key negotiating deadline.

President Trump plans to issue an executive order to extend the pause on his steep, so-called reciprocal tariffs to Aug. 1, White House press secretary Karoline Leavitt said Monday. The pause had been set to expire Wednesday.

President Trump set a 90-day tariff pause in April that is set to expire Wednesday. Ahead of the reinstatement, the White House is pressuring countries to finalize trade deals. CBS News' Olivia Rinaldi has the latest details.

White House press secretary Karoline Leavitt said “there will be approximately 12 other countries that will receive notifications and letters directly from the president” after missives went out to Japan and South Korea earlier today.

Trumps new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

The White House sent tariff letters to 14 countries. U.S. markets fall on new stiff tariffs. Tesla loses more than $68 billion in value. Samsung Electronics forecasts a 56% plunge in profits. Analysts are encouraging investors in China to be more conservative.