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.

Donald Trump's revised tariffs, averaging 15%, have sparked concerns about a potential demand shock and economic slowdown. While some countries may weather the storm, others like Switzerland face punitive rates.

With stocks at records, Trump's trade deal with Japan is another bullish catalyst for investors as the market moves toward the August 1 tariff deadline.

TARIFF DEAL: President Donald Trump said on Truth Social that his administration had reached a deal with Japan, one of the largest U.S. trading partners, to lower its tariff rate to 15% as part of a sweeping trade agreement.