President Donald Trump has just signed a bold new executive order that changes the game on global trade. In a sweeping move, the U.S. will impose new tariffs on imports from over 70 countries — with some rates reaching as high as 41%.

After Canada failed to strike a trade deal with Washington, the president raised tariffs on some Canadian exports this week.

President Trump's tariffs order for countries yet to strike a trade deal with the U.S. went into effect just after midnight on Friday, though most levies aren't due to start until Aug. 7.Why it matters: While countries like Mexico struck trade deal extensions ahead of Trump's deadline,