Dozens of countries will face higher tariffs on their exports to the U.S. following Trump's signing of an executive order.

There will be no more extensions on tariff deadlines, and they will go into force as scheduled on August 1, Commerce Secretary Howard Lutnick said Sunday. Why it matters: Since January, the world has gotten accustomed to President Trump announcing tariffs and then reversing them,

The White House could be aware that the dramatic shock of tariffs has less power to sway trade deals when staged a second time.