The newest countries to be affected with Trump's Aug. 1 tariffs include Malaysia, Kazakhstan, South Africa, Laos and Myanmar. Trump shared letters that were sent to the nations, notifying them of levies ranging from 25% to 40%. They come on top of 25% tariffs imposed on Japan and South Korea.

While markets expected an extension ahead of the July 9 end to the tariff reprieve, administration officials signaled there will be just a few weeks' worth.