Trump's executive order late Thursday laid out rates to be applied against nearly 70 countries, ranging from 10% to 41% in what a Trump administration official hailed as the beginning of a "new system of trade." The new duties are now set to go into effect on Aug. 7.

JOBS DAY: The latest jobs data today painted a picture of a much softer labor market all summer than was previously known, raising fresh fears about the health of the U.S. economy and — in combination with President Donald Trump’s new tariffs — sending markets lower.

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.