The revealing thing here, the poker "tell" if you like, is the extension of the deadline from Wednesday until 1 August, with a possibility of further extensions - or delays - to come. From the US perspective,

A day later, Trump said the U.S. will impose 50% tariffs on copper, as well as 200% tariffs on pharmaceuticals.Trade deals could be coming. Japan’s top trade negotiator, for example, said July 8 that talks with the U.

President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.