As another tariff deadline looms, more twists in trade policy could be ahead.

Higher “reciprocal” tariffs are expected to be imposed on at least two dozen countries starting Friday, August 1. The tariffs are designed to rebalance trade and range from 25% to 50%, according to letters written by President Donald Trump earlier this month.

In addition to the more extreme tariffs, Trump has indicated that the baseline tariff charged on goods from all other countries is expected to be 15%.

Trump said Sunday his administration anticipates making three or four more deals before the most extreme tariffs take effect.

Goldman Sachs estimated that trading partners that account for 56% of imports have yet to make a deal. Top trading partners, such as Mexico and Canada, still face “reciprocal” tariffs. Goods from countries like South Korea and Brazil face particularly high tariffs if no deal is reached.

Some economists, however, are skeptical that the deadline will be enforced. This is the second deadline for the “reciprocal” tariffs to go into effect, after Trump extended the original 90-day pause.

Trump said countries that do not make a deal by the deadline will receive confirmation letters outlining U.S. tariffs on their goods before the Aug. 1 deadline.

According to White House officials, tariffs tailored to specific countries aren’t the only trade policy in the works.

Commerce Secretary Howard Lutnick also said the administration’s approach to semiconductor tariffs will be revealed in two weeks. The White House has already tried to curb China’s access to U.S. semiconductors this year. Some analysts said deals with certain countries could preclude them from being subject to the sector-specific tariff.

And reports say that Trump’s long-promised pharmaceutical tariffs are also on the horizon. He has also promised tariffs on lumber, copper and potentially other critical minerals.

“Investors should not be too sanguine about the potential enduring economic effects of trade policy,” wrote Ronald Temple, chief market strategist at Lazard Asset Management.