President Donald Trump on Thursday night signed an order imposing new tariffs that will be imposed later than the Friday deadline he had publicly promised, the Associated Press reports.
The new date of the import taxes was pushed back to Aug. 7 so that the tariff schedule could be updated to reflect changes in tariffs for several countries. For those that have not yet reached a deal with the U.S., the tariff deadline delay is potentially welcome news, but it also injects a new dose of uncertainty for consumers and businesses as they attempt to prepare.
Trump has said that his tax hikes on almost $3 trillion in goods imported to the U.S. will bring newfound wealth, spur a deluge of new factory jobs and reduce the budget deficits.
Still, the sweeping tariffs risk jeopardizing America’s global standing as allies contend with unfriendly deals, and the taxes also threaten to worsen inflationary pressures and hamper economic growth in the U.S.
