The European Union is “fully geared” to reach a trade agreement in principle with the U.S. by Wednesday, the original deadline imposed by President Donald Trump to avoid higher tariff rates first imposed by him in April, The Wall Street Journal reported Monday.

The White House said Monday that Trump is signing an executive order pushing back the July 9 deadline to Aug. 1.

Treasury Secretary Scott Bessent said Sunday that talks with the EU were making “very good progress” despite being “very slow in coming to the table.” EU spokesman Olof Gill, too, said “substantial progress” has been made toward reaching a bare-bones trade deal, the Journal reported.

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