The White House announced a new trade policy and tariff plan Thursday night, just hours before the Aug. 1 trade deadline. President Donald Trump signed an executive order imposing new tariffs on imports to the U.

President Donald Trump signed an executive order on Thursday imposing tariffs from 10 percent to 41 percent on U.S. imports from dozens of countries and foreign economies. The tariffs, which will take effect in seven days, include 25 percent on Indian goods entering the U.S., 20 percent on Taiwan's goods and 30 percent for South Africa's.

Tariff orders released by the White House call for increases in the tariff rate on Canada from 25 percent to 35 percent, although they exempt all goods trading under the U.S.-Mexico-Canada Agreement, which economists say includes most Canadian exports to the United States these days.