NewzVille International
U.S. President Donald Trump signed an executive order on Thursday imposing new tariffs of up to 41% on imports from more than 70 countries.
The policy includes certain exemptions. Goods that are loaded onto ships by August 7 and arrive in the U.S. by October 5 will not be subject to the new rates, provided they are already in transit.
In a minor reprieve, the White House announced that the new measures will take effect in a week.
Trump had earlier set August 1 as the deadline to finalize trade deals before the levies would come into force.
Most of these tariff hikes were initially announced in April, when Trump imposed a minimum 10% duty on goods from nearly every country, citing unfair trade practices and mounting U.S. trade deficits.
However, the implementation was delayed amid a flurry of negotiations, along with announcements of new duties and trade agreements with some partners.
