President Trump’s new "reciprocal" tariff rates on dozens of trading partners are set to finally take effect on Thursday, as markets, businesses and consumers brace for a major shakeup of the global trade system.

The president signed an executive order last Thursday that announced the new rates but bumped the start out a week. Once the new tariffs are implemented, the average tariff rate will be around 15 percent, compared to the roughly 2 percent rate in 2024.

He had first announced the plan for reciprocal tariffs on April 2 but imposed a 90-day extension a week later, amid pressure from Wall Street and fellow Republicans to calm the ailing markets. The early July tariff deadline for the 90-day extension to expire was then extended until Aug. 1, with Thursday expected to be the final deadline.

The executive order stated that all imports will face a 10 percent tariff. Some trading partners will face higher rates, including 41 percent on Syria, 19 percent on Indonesia and........

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