The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

But the outlook for many top U.S. trading partners has yet to come into clear focus. Trump has threatened, for example, to raise tariffs on Canada to 35% from the current 25% if the two countries don’t strike a deal by Friday. And a 90-day truce between the U.S. and China expires in mid-August, at which point Trump’s tariffs on China could soar.

That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.

The trade agreement reached between the U.S. and European Union reaffirms an emerging pattern: higher tariffs, purchase commitments, investment agreements—and a lot of confusion.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

Despite Trump's lack of interest in initiating efforts, he and his administration have been exploring the possibility of a meeting with Xi since the two countries’ delegations met for tariff talks for the first time in Geneva in May.

Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war.

The Trump administration’s bid to stop Chinese manufacturers from evading U.S. tariffs may lead to supply chain disruptions and increased costs for American companies.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.