As the August 1 deadline set by U.S. President Donald Trump draws near, countries around the world are under mounting pressure to finalize trade deals or face punitive tariffs that could reach as high as 50 percent – part of Trump's broader push for what he calls "fair and reciprocal trade."

Trump delayed the so-called "reciprocal tariffs" in April, vowing then to strike roughly 90 trade deals in 90 days.

Where do tariffs stand now?

Trump signaled raising the baseline U.S. tariff rate to 15 percent, up from the previous 10 percent on all U.S. trading partners in April, in remarks at an AI summit in Washington on Wednesday.

The change comes after months of trade negotiations saw American trading partners searching for ways to lower rates to little apparent avail.

"We'll have a straight, simple tariff of anywhere between 15 percent and 50 percent," Trump said. "A couple of – we have 50 (percent) because we haven't been getting along with those countries too well."

Trump has also placed a 50 percent tariff on steel and aluminum, except for a 25 percent tariff for UK steel and aluminum.

Goods from Mexico and Canada face tariffs of 25 percent, though the measure excludes products covered under the United States-Mexico-Canada Agreement.

Smaller U.S. trade partners are also set to face tariffs. For example, Cambodia and Bangladesh, two key sources of apparel imports, will face tariffs of 36 percent and 35 percent, respectively.

"The new tariff rates will come in," U.S. Secretary of Commerce Howard Lutnick told CNBC last Sunday, while also acknowledging the possibility of continued negotiations: "Nothing stops countries from talking to us after August 1."

Countermeasures and cautious approach to open markets

The EU recently said a deal with Washington that averts 30 percent tariffs is within reach. Meanwhile, the bloc has approved countermeasures in case talks collapse.

Brazil is ready to face 50 percent tariffs largely over Trump's claims that it is treating a former president and Trump ally badly, as Brazilian officials suggested that hopes for a negotiated deal in the short term are diminishing.

For some, Trump's action against Brazil indicates he's trying to exert influence over more than trade. "Trump seems to view tariffs as an instrument to influence not just other countries' trade and economic policies but even their domestic legal and political matters," Eswar Prasad, professor of trade policy at Cornell University, told AP.

As for Trump's touting and appeal to other countries to open their markets to U.S. goods in multiple trade talks, Chad Bown, senior fellow at the Peterson Institute for International Economics, told AP that, "For each of these countries, they have their own domestic challenges about what they can and can't offer."

"There's a reason why that market access hasn't been granted before. They have domestic political constituencies that argue to keep protection in place."

Malaysia, for instance, has "specific red lines" it will not cross, Malaysian Trade Minister Zafrul Aziz said on Wednesday, including U.S. demands involving government contracts, halal certification, medical standards and a digital tax.

"It has to be fair," the Malaysian trade minister said. "If the deal does not benefit Malaysia, we should not have a deal."

Deals struck, discontent grows

So far, the U.S. has reached trade agreements with the UK, Vietnam, Indonesia, Japan as well as a preliminary accord with China.

Except for the United Kingdom, which reached a trade deal with the U.S. in May, other countries finalized their agreements in July – an apparent effort to meet the looming August 1 deadline.

However, the trade deals aroused complaints and criticisms. As for the U.S.-UK deal, Kemi Badenoch, leader of the UK's Conservative Party, slammed the deal on social media, "We cut our tariffs – America tripled theirs. Keir Starmer called this 'historic.' It's not historic, we've just been shafted!"

Seijiro Takeshita, a professor at the University of Shizuoka's Graduate School of Management, sharply criticized the U.S.-Japan trade deal, calling it a flawed move lacking context or reasoning. Takeshita dismissed claims that tariffs drive trade imbalances, noting that Japanese consumers simply find American cars unappealing, not due to tariffs, which are already zero for U.S. cars in Japan.

Another notable development is that Vietnam, Indonesia and the Philippines have all but opened their markets to U.S. goods. However, several other countries have declined Trump's appeal for open markets and are now exploring alternatives to economic dependence on the United States.

For instance, Canada is in the process of negotiating a trade agreement with Southeast Asian nations, many of which are also strengthening ties with China.

(With input from agencies)