President Donald Trump unveiled new tariffs Thursday on nearly 70 countries -- including a blistering 35 percent on neighbor Canada -- as he seeks to reshape global trade to benefit the US economy.

However, in a minor reprieve that opens the door to further negotiations, the White House said the measures will take effect in a week for most countries, not Friday as previously expected.

The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports.

But the muscular approach has raised fears of inflation and other economic fallout in the world's biggest economy.

Trump raised duties on nearly 70 economies, from a current 10 percent level imposed in April when he unleashed "reciprocal" tariffs citing unfair trade practices.

The new, steeper levels listed in an executive order vary by trading partner and go as high as 41 percent.

Any goods "transshipped" through other jurisdictions to avoid US duties would be hit with an additional 40-percent tariff, the order said.

The American leader........

© International Business Times