Trump has been ratcheting up pressure on his trading partners for days with threats of possible tariff increases. According to CNN, he has threatened that new tariffs could reach as high as 30 percent if a deal is not reached by a new deadline of August 1.

He offered a special"benefit" to Moldova, Iraq and Libya, as these countries would receive more lenient customs conditions under the new plan than those included in the original April announcement.

Recall: in April, Trump imposed 10 percent tariffs on imports from all countries, while threatening significantly higher rates for about 60 countries. He later temporarily adjusted all tariffs to 10 percent and announced that as many as 90 bilateral trade agreements would be concluded by July 9. But when that did not happen, he extended the deadline by almost a month.

Meanwhile, individual countries are receiving new warnings about what could happen to them if negotiations fail. Despite Trump's statements, New York financial markets remain calm, with investors apparently waiting for final moves after August 1.

Uncertainty about future trade policy is also having a major impact on the Federal Reserve, which, given the current economic conditions, tends to lower interest rates, but is hesitant to make a final decision due to the unpredictable trade environment.