President Trump said he was preparing to set unilateral tariff rates of up to 70% that would kick in Aug. 1, delaying the levies while putting pressure on global trade negotiations. The European Union will hold crunch talks with the U.

The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump's tariff reprieve is set to end.

With just five days remaining in the tariff moratorium, the White House is expected to begin delivering a message to a dozen or so countries: Time is up, and here’s your new rate.