The U.S. and China had agreed to pause most of the sky-high tariffs on each others’ goods amid trade negotiations – but that pause is set to expire in August.

Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a resolution to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced. Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.