The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility and looming economic pain.

Trump's top trade advisers say they are putting maximum pressure on other countries to make trade deals with the U.S. before Wednesday, when a 90-day pause on Trump's "reciprocal tariffs" is set to expire. Trump's steep levies on dozens of countries were announced on April 2 but were suspended soon after.