President Donald Trump said he would not offer any extensions for the implementation of increased tariffs on many goods imported into the US, pledging that new rates would hit at the beginning of August.

The commercial relationship between the United States and the European Union, described by the European Commission as 'the most important trade relationship in the world,' is under significant strain due to President Donald Trump's tariff policy.

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.

WASHINGTON—President Trump reignited his global trade war Monday, renewing his threat to hit partners with punishing tariffs even as he announced a three-week extension to negotiate deals. Trump signed an executive order extending the date when his so-called reciprocal tariffs would take effect,