The US president Donald Trump has signed an executive order extending the deadline for the imposition on reciprocal tariffs on a range of trading partners, including the European Union.

The order means that the deadline which had been due to fall tomorrow (Wednesday, July 9) will now be pushed back to August 1.

President Trump's decision was "based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners".

The US administration has already placed a 50% tariff on all US imports of steel and aluminium, along with a 25% tariff on cars and car parts.

A universal baseline 10% tariff also remains in place on most other exports to the US. The proposed US reciprocal tariffs could result in that baseline tariff increasing to 50% for the EU.

Tánaiste and Minister for Foreign Affairs and Trade Simon Harris, who was briefed on the ongoing EU-US trade talks last night, has welcomed the extension.

The Tánaiste said he remains "cautiously optimistic we can reach a balanced, forward-looking agreement in principle".

"However, it remains the position of the EU and the Irish government that we would like to conclude discussions on a trade agreement before August 1," he said.

"As I have been saying for some time, the uncertainty is also bad for economic confidence and Irish businesses seeking clarity on the trading environment in which they operate.

"We have consistently called for zero-for-zero tariffs in as many areas as possible and I know the EU has advocated this course of action," he added.

The Tánaiste said his "hope is that in the coming days and weeks both sides can work intensively and constructively to bring about an agreement".

It is understood that Tánaiste Harris will update his Cabinet colleagues on the current situation today.