This move could escalate trade tensions worldwide, affecting prices for consumers and businesses. If other countries retaliate, it might lead to a broader economic slowdown—something markets and policymakers are watching closely.

President Trump on Thursday announced tariff rates for dozens of countries that will take effect on Aug. 7, potentially upending the global trade system. Trump signed an executive order that modified tariff rates for dozens of countries after he had twice delayed plans to implement "reciprocal" tariffs on other nations. Tariff rates range from as...

President Trump has announced new "reciprocal" tariffs set to take effect in August, targeting dozens of countries. These tariffs, which vary in rates, could disrupt global trade, as they come after two previous delays in implementation.