The global economy is growing jittery as the deadline draws near for U.S. President Donald Trump to make a decision on whether to slap steep tariffs on imported cars and auto parts. 

According to Bloomberg on Sunday, Trump will decide by the coming Saturday whether auto import tariffs are necessary for the sake of national security under Section 232 of the Trade Expansion Act. If he decides that such a measure is needed, the U.S. can impose tariffs of 25 percent on imported cars. 

President Trump was given 90 days to make a decision after the Department of Commerce on February 17th presented him the results of its probe on the impacts of imported cars on U.S. national security.

Though the department kept the content of the report under wraps, market observers believe it concluded imported vehicles and auto parts harm national security.  

With just five days left until the deadline, there is speculation that Trump could put off making a decision and opt to negotiate with key trading partners.  

South Korea could suffer a considerable setback if the U.S. imposes tariffs on South Korean automobiles, as the auto industry accounts for 14 percent of production and 12 percent of employment in the country's manufacturing sector.