U.S. President Donald Trump's latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward.

President Donald Trump is increasingly expected to push back a deadline for the return of sweeping tariffs, and White House officials are offering conflicting accounts about a path forward. — The European Union is coming to terms with U.

CBS News MoneyWatch correspondent Kelly O'Grady reports on how markets are reacting after President Trump pushed back the deadline for countries to make trade deals with the United States. Countries now have until August 1 before they'll face tariff increases.

The US sets reciprocal tariffs of 25% for Japan and South Korea. Both countries vowed to accelerate negotiations within three weeks.

By Jeff Mason and Leika Kihara WASHINGTON/TOKYO (Reuters) -Powerhouse Asian economies Japan and South Korea said on Tuesday they would try to negotiate with the U.S. to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August.

President Donald Trump announced on Monday that he is levying tariffs against South Korea and Japan beginning in August. Trump