President Donald Trump said at least seven countries can expect tariff letters on Wednesday morning, as he ramped up pressure on nations to strike deals with the United States by saying his new August 1 deadline would not be extended.

The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility, and looming economic pain.