The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump's tariff reprieve is set to end.

This week, Trump unveiled the Vietnam deal, which imposes a 20% tariff on Vietnamese exports and a 40% tariff on transshipped goods. Though lower than the initial 46%, the rates exceed the interim 10%. Vietnam, however, says negotiations are still ongoing.

President Donald Trump's trade policy is reaching a critical juncture with the announcement of significantly increased tariffs.