Trump: 'I don't think it will be necessary to extend the deadline on tariffs'

"I could do it but I don't think we need to," to extend the July 9 deadline on tariffs. Donald Trump said this in an interview with Fox News, specifying that his team "is sending letters" to the approximately 200 countries affected by the measures. "We have an agreement on tariffs with China and with Great Britain, we are working on agreements with all the others."

The global economy, meanwhile, "will feel the impact of high uncertainty even before the full effect of the tariffs" as businesses delay investments and households increase savings to protect themselves.

The alarm comes from the Bank for International Settlements in its Annual Economic Report.

"The slowdown has yet to show up in the data," the Basel institute wrote, "but high uncertainty and declining consumer and business confidence clearly signal a deterioration in economic activity ahead," with growth expected to worsen significantly "for several countries."

The tariffs, which "roil financial markets and threaten to reshape the global economic landscape," come "in a world already grappling with economic fragmentation, falling productivity," high public debt and the growing burden of "less regulated non-bank financial institutions."

A series of pre-existing vulnerabilities that "exacerbate risks" to financial stability and sustainability of "unprecedented debt in several countries", according to the Bank for International Settlements. "Public policies are essential as a stabilizing force" and "must act decisively on multiple fronts to ensure price stability and promote sustainable economic growth, while preserving economic and financial stability", says the director general, Agustín Carstens.