The president extended his pause on so-called “reciprocal tariffs” on U.S. trading partners till August 1 and indicated that the new deadline was not set in stone.

Donald Trump has revived his threat to hit major trading partners with steep “reciprocal” tariffs even as he granted a three-week reprieve for countries to negotiate trade deals with the US.

President Trump said Japan and South Korea would face tariffs of 25 percent unless they reached an agreement with the United States. Other countries received notice of higher levies.