Trump signs order to impose higher tariffs on dozens of economies

President Donald Trump signed an order Thursday imposing higher tariffs on dozens of countries in his latest bid to reshape global trade in favor of US businesses, with duties to take effect in seven days.

The order set out tariffs on imports that ranged as high as 41 percent on Syria, alongside various levels reflecting trade deals struck between Washington and major partners like the European Union and Japan.

Separately, the White House announced that Canadian imports will face 35 percent tariffs come Friday, up from an existing 25 percent level.

An exemption for Canadian and Mexican goods entering the country under a North American trade pact remained in place, according to the White House.

Mexico continues to face 25 percent tariffs.

The announcement capped a flurry of efforts to reach trade pacts with the Trump administration ahead of the president's initial Friday deadline.

So far, Washington had announced pacts pacts with Britain, Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union.

But details of those agreements have remained vague.

Looming over the global economy is also an unresolved trade tussle between the United States and China.

AFP