President Donald Trump shakes hands with European Commission President Ursula von der Leyen, as US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and White House Deputy Chief of Staff Stephen Miller clap after an announcement of a trade deal between the US and EU in Turnberry, Scotland, on July 27.

The U.S. and China had agreed to pause most of the sky-high tariffs on each others' goods amid trade negotiations – but that pause is set to expire in August.

Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.