Citing sources, the Wall Street Journal reported that Trump signed an executive order Tuesday that delayed the tariff hike on almost all U.S. trading partners until August 1 at the request of Treasury Secretary Scott Bessent, who asked for more time for him and other trade negotiators to push for deals with several large trading partners.

Steep tariff rates are set to go back into effect after a 90-day pause on the April 2 rates that rocked the stock market.

US President Donald Trump paused any tariff hikes until July 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties.