The European Union expects to find out on Monday whether President Trump will impose more tariffs, in a move economists have warned would have repercussions on both sides of the Atlantic.

The European Union will pause its first countermeasures against U.S. tariffs after President Donald Trump temporarily lowered the hefty duties.

The US plans to impose a 25% tax on products entering the country from South Korea and Japan on 1 August, President Donald Trump has said. He announced the tariffs in a post on social media, sharing letters he said had been sent to leaders of the two countries.

US President Donald Trump says he has delayed imposing higher tariffs on goods entering the US from 14 countries, including Japan and South Korea.

Trump announced similar letters were sent to Malaysia, Kazakhstan, South Africa, Myanmar and Laos, informing their leaders of new tariff rates as high as 40%.

The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

The United States is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline when a tariff pause by President Donald Trump expires

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