July 31 (UPI) -- President Donald Trump formalized his reciprocal tariffs policy on Thursday, imposing stiff levies on dozens of nations while making good on his promise to use the economic measure to try and balance what he sees as negative trade deficits with U.S. trading partners.
The American president signed an executive order putting a 10% tariff on most trading partners, aside from a handful with whom recent deals have either been made with or are pending.
Trump has long turned to economic tariffs as a bargaining tool, both as a negotiation tactic and as an attempt to spur the domestic manufacturing industry. Since returning to the White House in January, the New York real estate mogul has railed against trade deficits, often framing them as examples of trading partners taking advantage of the United States.
The executive order was signed hours before a White House-imposed deadline for other countries to finalize deals with the United States, while delaying the imposition of the tariffs until Aug. 7. It also permits goods loaded onto shipping vessels prior to Aug. 7 that arrive in the United States before Oct. 5 to be exempt from the levies.
White House press secretary Karoline Leavitt told reporters during a press conference held Thursday, before the executive order was announced, that the sweeping tariffs apply to all trading partners who have not fashioned "bespoke" deals with the president.
