U.S. President Donald Trump announced on Thursday new tariffs of up to 41% on goods imported from dozens of countries, again citing emergency powers he says he is using to shrink the country's trade deficits with many of its trade partners.

The art of the trade deal? About 70 countries face huge export tax increases, but a last-minute change in when they take effect gives them a week to negotiate new agreements.

President Donald Trump signed an executive order Thursday, slapping tariffs on most of America's trading partners set to take effect next week.