President Donald Trump has signed an executive order that sets new tariffs on a wide swath of US trading partners to go into effect on August 7.The move is the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades.

Despite promising no further extensions, President Trump’s tariff will go into effect a week later than his self-imposed August 1 deadline, adding further uncertainty.

US President Trump will sign an executive order imposing new country-specific tariffs effective August 1. While deals have been struck with key allies, many nations still await clarity.

With the clock ticking on President Trump's trade deadline, the potential legal ramifications of his tariff policies are under scrutiny as some nations scramble to finalize trade agreements.