August 1, 2025- President Donald Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7, according to AP News. They are set to go into effect in seven days, and not the Friday deadline that the president initially set, according to U.S. News. The extension reflects the government’s need for more time to harmonize the tariff rates, according to a senior official who spoke to reporters on condition of anonymity. The order applies to 68 countries and the 27-member European Union. Nations not listed in the order are expected to face a baseline 10% tariff.