Global economy braces amid Trump trade deadline, new tariff blitz
Share this @internewscast.com


() President Donald Trump’s trade deadline has arrived, hot on the heels of a last-minute executive order establishing new tariffs on a wide swath of the United States’ trading partners.

The order imposed levies ranging from 10% to 41%, which are now set to take effect Aug. 7. Tariffs on the three largest U.S. trading partners Mexico, Canada and China are being treated separately.

The announcement threw world shares off-kilter, with early European trading seeing drops in Germany, Britain and France’s markets. Asian shares tumbled too including in South Korea and Japan, two countries that had reached deals with the U.S.

Wall Street futures were down 0.9% early Friday, as investors awaited the release of the June jobs report and remained alert for next steps in the tariff saga.

Trump signs order imposing tariffs on 90+ trading partners

Trump signed an executive order on Thursday night, solidifying tariffs on more than 90 countries.

Set to go into effect a week from Friday, the worldwide levies came after a flurry of tariff-related activity in the last several days, as the White House announced agreements with various nations and blocs ahead of Trump’s self-imposed deadline.

The U.S. has cut deals with 12 of its Top 18 trade partners, including Japan, South Korea, the United Kingdom and the European Union. All those deals included not only tariff negotiations, but also billions invested into the U.S.

Trump increases tariffs on Canada to 35%

The president still has an uphill battle with some of the countries that haven’t made a deal.

On Thursday, Trump and Mexican President Claudia Sheinbaum agreed to extend trade talks and deadlines for another 90 days, despite Trump’s insistence that his deadline would not waver. China also received an extension.

Trump also raised levies on Canada, from 25% to 35%, starting Friday, citing a lack of cooperation to curb illicit drugs.

The announcement from the White House late Thursday and said Canada had failed to “do more to arrest, seize, detain or otherwise intercept … traffickers, criminals at large, and illicit drugs.”

Trump previously said Canada’s decision to recognize the Palestinian state complicated efforts to broker a trade agreement.

partner The Hill and the Associated Press contributed to this report.

Share this @internewscast.com
You May Also Like

PHOTOS: Car Plows into New Port Richey Home; Residents Claim It’s Happened Thrice in 16 Years

NEW PORT RICHEY, Fla. — A couple from Pasco County is expressing…

Historic Powerball Jackpot: Winning Numbers Revealed

(NewsNation) — Winning numbers for a Powerball jackpot of rare proportions were…

Utah Musicians Unite to Support Violinist Facing ICE Detention After Years in the U.S.

Following the detention of a violinist who has performed with distinguished orchestras…

Tusculum University unveils new bridge, making the Nature Trail more accessible

TUSCULUM, Tenn. (WJHL) — Tusculum University has announced the completion of a…

Westside High’s Football Team Supports Local Community

AUGUSTA, Ga () – Westside High School serving the community on their…

Congress Faces Potential Government Shutdown as It Reconvenes After August Break

Congressional Republicans celebrated a major triumph over the summer by passing President…

17-Year-Old Charged in Lenoir City Fatal Shooting: Teen Victim Identified

HARRIMAN, Tenn. (WATE) — A 17-year-old from Rockwood is accused of fatally…

Court Rules Trump’s Tariff Actions Exceeded Presidential Authority

A federal appeals court declared on Friday that President Donald Trump exceeded…

Rudy Giuliani Suffers Spine Fracture in Car Crash, According to Security Official

Former New York City Mayor Rudy Giuliani suffered multiple injuries, including a…

Alleged Decatur Killer Apprehended on Friday, According to Police

DECATUR, Ill. (WCIA) — The search for a Decatur man accused of…

Trump Addresses Health Speculations, Enjoys Round of Golf

(The Hill) President Donald Trump appeared on the golf course Saturday, quashing…

New Details: Battery Charging Sparks Fire on University of Illinois Campus

Update at 4 p.m. CHAMPAIGN, Ill. (WCIA) — The Champaign Fire Department…