US president Donald Trump is expected to sign an order postponing the date higher tariffs will come into effect for the European Union.

Trump has put back the deadline by a month. The previous deadline of Wednesday (July 9) had politicians concerned the EU would not be able to reach a trade agreement with the US.

In a statement to the Irish Daily Mail, Tánaiste and Minister for Trade Simon Harris said that "it remains the position of the EU and the Irish government that we would like to conclude discussions on a trade agreement before August 1".

He said he remains "cautiously optimistic about reaching agreement in principle on a framework agreement".

He stressed that "uncertainty is also bad for economic confidence and Irish businesses seeking clarity on the trading environment in which they operate".

Speaking to the media after a phone call with European Commission president Ursula von der Leyen yesterday, Taoiseach Micheál Martin said both sides had continued to negotiate the "fine detail" of future arrangements.

He added: "We remain hopeful that the US and the European Union can agree an outline agreement or framework principle agreement this week. There’s still a number of issues to negotiate."

Martin said any framework agreement would not include the pharmaceutical industry.

Photo: Donald Trump. (Pic: Al Drago/Bloomberg via Getty Images)