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.

President Donald Trump on Thursday formalized the array of high tariff levels and trade deals he has announced in recent weeks, the latest escalation in his attempt to disrupt and reshape the global economic order.

The past week has been a whirlwind of economic events, with President Donald Trump making headlines for his bold claims and controversial decisions. From touting a new trade agreement with the EU to launching a new round of tariffs,