Dozens of countries will face higher tariffs on their exports to the U.S. following Trump's signing of an executive order.

ToplineTrump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and they could hike up the cost of consumer goods imported from other countries.

There will be no more extensions on tariff deadlines, and they will go into force as scheduled on August 1, Commerce Secretary Howard Lutnick said Sunday. Why it matters: Since January, the world has gotten accustomed to President Trump announcing tariffs and then reversing them,