President Donald Trump signed an executive order Thursday evening to impose new tariffs on a wide range of US trading partners, according to a report published by The Associated Press. The tariffs are now set to take effect in just seven days, marking a significant escalation in the US trade agenda.
Tariffs to Take Effect on August 7
The new tariffs will officially kick in on August 7, and not on the originally announced August 1 deadline. A senior official told reporters on condition of anonymity that the delay is to give the government time to align and harmonise tariff rates across the board, as reported by the US-based news agency.
The order signed by President Trump late Thursday covers 68 countries and the 27 members of the European Union. According to the report, any country that is not specifically listed in the executive order will now face a default 10% tariff.
Global Trade on Edge
The move follows a hectic week of negotiations, as the White House as well as America’s key trading partners scrambled to reach trade deals ahead of Trump’s August 1 tariffs deadline.
The executive order, issued shortly after 7pm marks a significant shift that could potentially escalate the trade war besides testing international alliances.
Meanwhile, India, Brazil and Canada are among countries still engaged in trade negotiation with the US amid mounting pressure.
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