The global economy is on tenterhooks in the run-up to United States President Donald Trump’s July 9 deadline for dozens of countries to reach trade deals or face sharply higher tariffs. Wednesday’s deadline comes after Trump announced in April a 90-day pause on his steepest tariffs after his “Liberation Day” plans sent markets into a tailspin.

The Trump administration is intensifying pressure on trading partners to finalize new deals before the Wednesday deadline, with plans to issue tariff warnings starting Monday. These letters will notify countries that higher tariffs could be implemented on August 1st,

The United States is close to finalizing several trade pacts in coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates set to take effect on August 1.