MORRISTOWN, New Jersey (Reuters) -The United States is close to finalizing several trade pacts in coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates set to take effect on August 1.

The United States is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline when a tariff pause by President Donald Trump expires

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.

Donald Trump has hit out at former friend and political ally Elon Musk after the tech billionaire announced the creation of a new political party over the weekend.

Donald Trump criticised Elon Musk's decision to form his own political party, describing it as ridiculous, but South Africans have mixed views about his comments.

Donald Trump has lashed out at Elon Musk after the billionaire unveiled plans to launch a new US political party, calling him a “train wreck” in an escalation of the feud between the US president and his former ally.

A deal to spin off TikTok's U.S. operations into a U.S.-based firm was paused after China responded to Trump's announcements of tariffs on China. Trump's comments could add clarity to the future of the app in the United States.

President Donald Trump claims the U.S. has "pretty much" reached a deal for the purchase of TikTok's U.S. assets, and negotiations with China are scheduled to start Monday or Tuesday.

Nearly five months ago, a law went into effect requiring TikTok to be banned in the U.S. unless its China-based parent company, ByteDance, sold it off.