Trump orders new tariffs on key U.S. trade partners

President Donald Trump signed a sweeping executive order Thursday imposing new tariffs on multiple U.S. trading partners, set to take effect in seven days. The move, part of his aggressive "America First" trade agenda, raises economic tensions just as global markets face mounting uncertainty.

The order includes a tariff hike on Canadian goods from 25% to 35%, citing what the White House called Ottawa’s “continued inaction and retaliation.” Goods under the USMCA agreement are exempt, but transshipped goods could face tariffs as high as 40%.

Trump also announced “reciprocal tariff rates” of up to 41% on several other nations, without specifying which ones. Meanwhile, the president agreed to extend trade talks with Mexico by 90 days, delaying a planned 30% tariff hike — although tariffs of up to 50% on Mexican steel, aluminum, and copper will remain.

Businesses and manufacturers globally are bracing for supply chain disruptions, rising costs, and further trade tensions, while economists warn the uncertainty may drag on investment and growth.