President Donald Trump signed an executive order Thursday placing tariffs on many U.S. trade partners — the next step in his trade agenda that will test the global economy and alliances.

New U.S. tariffs are ready to take effect, targeting trade deficits with rates up to 41% and key country exemptions.

US President Donald Trump signed an executive order ending a global tariff exemption used by shoppers of low-cost goods. The order, signed on Wednesday, comes into force on 29 August and broadens earlier presidential action that specifically targeted cheap products from China and Hong Kong to now cover the rest of the world.