America’s largest trade partner, the European Union, is among the entities awaiting word Monday on whether U.S. President Donald Trump will impose punishing tariffs on their goods, a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.

The White House has said a July 9 deadline would be delayed, and "letters" would be sent warning partners of new tariffs. EU and US trade talks are ongoing in a bid to secure a deal.

Trump plans new tariffs as the 90-day pause on some of his most aggressive tariffs is set to expire this week.

P resident Trump is threatening 25% tariffs on Japan and South Korea after months of trade talks have yet to seal a deal. The S&P 500 turned lower in Monday afternoon trading, but investors know there's a good chance this won't be the final word.