The U.S. has managed to make only eight deals in 120 days, including one with the 27-member European Union.

The deal was struck less than a week before the U.S. threatened to levy a much higher 30% tariff on European goods.

President Donald Trump levied a fresh threat to countries that have yet to announce trade deals with the U.S. with just four days to go before his new August 1 'doomsday' deadline.