President Donald Trump will make his trade deal decisions this week even as separate negotiations with China and the European Union continue, U.S. Commerce chief Howard Lutnick said on Tuesday ahead of Trump's self-imposed Aug.

"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

The second day of talks in Stockholm saw no breakthrough, but the US delegation remained positive about progress.

The US and the EU will have zero tariffs on aircraft and their components, some chemicals, some generic drugs, some semiconductors, some agricultural products and essential raw materials. Alcoholic beverages are not included in the agreement. The 50% tariffs on steel and aluminum remain.

This week, U.S. President Donald Trump is set to make key trade deal decisions amidst ongoing negotiations with China and the European Union. As the August 1 deadline approaches, discussions are focused on tariffs and digital service regulations with the EU,

The dollar hit a one-month high versus the euro on Tuesday in the wake of a string of trade agreements between the United States and its major trade partners, while markets await interest rate decisions from the Federal Reserve and the Bank of Japan.

President Donald Trump announced Sunday that the United States and the European Union reached a framework for a trade deal, ending a monthslong saga with America’s largest trading partner.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

The agreement is a major step in Trump's plan to shake up global trade, which he says was weighted against America.