Trump's new tariffs slam trading partners, U.S. stock market: Live updates
President Donald Trump imposed sweeping new tariffs on imports from across the world, escalating an aggressive trade policy aimed at spurring domestic manufacturing in the United States.
In addition, Trump took separate action on July 31 to raise tariffs on Canadian goods from 25% to 35%.
U.S. stock futures are lower on August 1, ahead of the the release of July's jobs report, due at 8:30 a.m. ET. The report is expected to show the economy added 100,000 jobs, according to a Dow Jones survey of economists. The unemployment rate is seen edging up to 4.2% from 4.1% in June.
The new tariff rates, which will go into effect in seven days, come before an Aug. 1 deadline Trump gave about 180 countries to either reach trade deals or face higher import duties.
Trump had twice set earlier deadlines for new tariffs before backing down. The seven-day window on the newly announced import duties could give some trading partners a window for continued talks.
In April, the president and his advisors said they were confident of negotiating deals with dozens of countries. White House trade advisor Peter Navarro had predicted "90 deals in 90 days," but the haul was much lighter: United States negotiators made eight trade deals in 120 days before Trump ordered the new tariffs.
Follow along with USA TODAY's stocks, trade and economic news.
Trump tariffs put a new spin on the Canadian Old-Fashioned
An Old-Fashioned without Kentucky bourbon?
Oh, Canada.
Starting in February, bars and liquor stores in Canada removed bourbon and other U.S.-made spirits and wines from their shelves to protest President Donald Trump's tariff policies and his unwelcome suggestion that our northern neighbors become the 51st U.S. state.
Trump's overtures have not gone over well in French-speaking Quebec or the other Canadian provinces. Canadians have found all kinds of ways to let the American president know what he can do with his scandaleux proposition. Some are proudly flying their country's red-and-white Maple Leaf flag. Others are wearing T-shirts that declare 'Canada Is Not For Sale.'
Read on: Wait a bluegrass-pickin' minute: Canadians are making Old-Fashioneds without Kentucky bourbon?
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