WASHINGTON - President Donald Trump signed an executive order on Thursday that would have new tariffs on a number of U.S. trading partners.

Dozens of countries across the globe will face higher tariffs on their exports to the U.S. starting on Aug. 7.

Trump signs order imposing new tariffs

What we know:

The order was issued shortly after 7 p.m. on Thursday evening. It came after a flurry of tariff-related activity in the last several days, as the White House announced agreements with various nations and blocs ahead of the president's self-imposed Friday deadline.

It set the rates for 68 countries and the 27-member European Union, with a baseline 10% rate to be charged on countries not listed in the order. The senior administration official said the rates were based on trade imbalance

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