$BTC It is unclear whether Trump will fulfill his promise. The President has often set two-week deadlines for taking action, which are then delayed or not met. On May 16, Trump said he would establish tariff rates for U.S. trading partners "in the next two or three weeks."

In April, Trump announced higher tariffs on dozens of trading partners, only to suspend them for 90 days as markets plummeted and investors feared that the levies would trigger a global recession. However, despite ongoing negotiations, the only trade framework that the United States has reached is with the United Kingdom, along with a tariff truce with China.

But even the truce with China was threatened after Washington and Beijing accused each other of violating the terms, leading to lengthy negotiations earlier this week in London on how to enforce their agreement.

Trump said on Wednesday that the trade framework with China had been completed and that Beijing would supply rare earths and magnets, while the United States would allow Chinese students to study at U.S. colleges and universities.

When asked on Wednesday if he would extend the deadline for countries to reach agreements with his administration before the higher tariffs took effect, Trump responded that he would be willing to do so.

"But I don't think it's necessary," he added.