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.

President Donald Trump ’s latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries,

S&P 500 futures are down nearly 1% this morning, prior to the opening bell, and stocks across the globe are tumbling too as investors digest Day 1 of President Trump’s latest tariff regime. That’s only the short-term reaction.