President Trump extends reciprocal tariff deadline to next month

UPDATE (1:20 PM): President Donald Trump is set to impose steep blanket tariffs on additional countries, and all U.S. trading partners, starting August 1, which delays the upcoming Wednesday deadline.

In a series of social media posts, the president sharing screenshots of form letters dictating new tariff rates to leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

The first of those letters went out Monday and even more in the coming days, warning that imports from Japan, South Korea, Malaysia, and Kazakhstan are facing 25% tariffs while imports from Laos and Myanmar will face a 40% duty, and South African goods will be subject to a 30-percent u-s tariff.

However, the letter indicates the United States will "perhaps" consider adjusting the new tariff levels, "depending" on the relationship with a particular country.

President Trump is expected to sign an executive order some time Monday, delaying reciprocal tariffs on dozens of countries to August 1.

(CNN, KYMA/KECY) - The deadline for countries to make a trade deal with the United States or face steep tariffs is coming up in just days.

President Donald Trump set July 9 as the deadline for the trade deals, but it is unclear what the president will do.

He has set deadlines before only to extend them.

When some tariffs kicked in April, they sparked a sell off on wall street and the bond market also fell.

At the time, the president gave countries three more months to cut a deal. Since then, almost all goods the U.S. imports are slapped with a minimum 10% tariff.

Stocks, meanwhile, have not only recovered all their losses, but have set multiple new record highs and inflation has barely budged.

But analysts say if tariffs start to rise again and inflation roars back, those market gains could quickly get erased all over again.