Trump's executive order late Thursday laid out rates to be applied against nearly 70 countries, ranging from 10% to 41% in what a Trump administration official hailed as the beginning of a "new system of trade." The new duties are now set to go into effect on Aug. 7.

Good morning. Donald Trump’s tariff blitz unleashes delayed shock on the global economy. Amazon trails while Apple surprises. And who says sports and politics don’t mix? Listen to the day’s top stories.

Forcing already cautious consumers to deal with higher prices as the job market weakens is a dangerous economic mix.