The implementation of newly imposed tariffs on numerous trade partners has been postponed by one week, according to an announcement from the White House on Thursday evening (local time). This delay extends to tariffs on imports from the European Union. Originally slated to take effect this Friday, the new tariffs will now go into effect on August 7th. The White House cited the need for additional time for border and customs officials to implement the new system as the reasoning behind the postponement.
President Donald Trump has also signed an executive order increasing U.S. tariffs on imports from nearly 70 countries, raising rates from a previous ten percent to as high as 41 percent. Canada and Switzerland are expected to be particularly affected by the revised rates, facing charges of 35 and 39 percent respectively.