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Donald Trump’s Liberation Day tariff extension, which was set to expire on July 9, just got kicked down the road again.

As many as 14 countries, including key trading partners South Korea and Japan, received letters from the White House with the warning that they face so-called reciprocal tariffs if they don’t strike trade deals with the U.S. by August 1. The U.S. President also sent missives to South Africa, Thailand, Myanmar, Malaysia and Indonesia, among others, noting that the U.S. goods trade deficits with the countries were a “major threat to our economy and indeed our National Security.”

For now, Canada is spared, but it’s working on its own July 21 deadline that Prime Minister Mark Carney and Trump set weeks ago during the G7 Summit in Kananaskis, Alberta.

Global markets initially retreated as Trump announced the letter blitz, but are now taking it in their stride as three weeks from August is plenty of time to strike a deal—or for Trump push the tariff can further down the road. Still, the roller-coaster is exhausting.

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