The global economy is on tenterhooks in the run-up to United States President Donald Trump’s July 9 deadline for dozens of countries to reach trade deals or face sharply higher tariffs. Wednesday’s deadline comes after Trump announced in April a 90-day pause on his steepest tariffs after his “Liberation Day” plans sent markets into a tailspin.

White House officials have suggested that the deadline could be postponed for some countries, while others could receive a letter outlining new tariffs.