Tariffs putting the squeeze on businesses and consumers while bringing in billions of dollars for the United States government.

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 Trump aims to use a historic increase in tariffs, which he announced on July 31, to overhaul global trading alliances.