A new deadline is emerging as President Donald Trump’s 90-day pause on his reciprocal tariffs is about to expire on Wednesday.

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, saying Sunday that duties will return back to their “Liberation Day” levels on Aug. 1, unless countries reach trade deals with the U.S.

Unless trading partners reach deals with the U.S. Treasury Secretary Scott Bessent said rates will “boomerang back” to the April 2 levels, which triggered an epic stock crash that reversed when Trump announced the 90-day pause to allow for negotiations.

Meanwhile, Commerce Secretary Howard Lutnick said the tariffs will go into effect Aug. 1 “but the president is setting the rates and the deals right now.”

Futures tied to the Dow Jones Industrial Average dropped 120 points, or 0.27%. S&P 500 futures were down 0.41%, and Nasdaq futures fell 0.50%.

That indicates a less bearish start to the trading week compared to Friday, when futures showed steeper declines after Trump said Thursday that would start sending out letters setting tariffs as high as 70%.

The yield on the 10-year Treasury edged down 1 basis point to 4.33%. Gold slipped 0.53% at $3,325.20 per ounce, while the U.S. dollar was down 0.05% against the euro and down 0.03% against the yen.

U.S. oil prices fell 1.72% to $65.85 per barrel, and Brent crude lost 0.95% to $67.65, after OPEC+ announced a bigger increase in August output versus the prior months.

Not much economic data is due in the coming week, but minutes from the Federal Reserve’s last policy meeting will come out on Wednesday.