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 pause on the administration's import levies will expire July 9. European Union negotiators have given up on reaching a trade new agreement by then.

The president says tariff notices are imminent, with levies up to 70% set to start in August.