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.

As President Trump's global tariffs took effect on Friday, the most recent jobs report numbers also showed that employers added 73,000 jobs in July.

Friday, a day after President Donald Trump signed an executive order slapping new tariffs on dozens of countries. A weak jobs report worsened investor jitters, revealing a slowdown of hiring over recent months as Trump's previous tariffs took hold.

President Donald Trump 's latest executive order placing tariffs on many U.S. trade partners — the next step in his trade agenda that will test the global economy and alliances — says they'll go into effect in seven days,