Investors betting on the TACO trade — Trump Always Chickens Out — rode the S&P 500 to a 26% gain through last week from the 52-week low on April 8. Markets aren't about to start taking Trump's tariff threats at face value without a compelling reason.

The Trump administration is expected to send out the first batch of letters announcing new tariffs on countries at midday Monday, after delaying a self-imposed deadline to make deals with dozens of trading partners.

Here’s what to know about various countries’ deals and negotiations with the U.S., as we approach the deadline for higher tariffs.