Trump signs order imposing new global tariff rates

U.S. President Donald Trump signed an executive order on Thursday further raising tariff rates with 69 trading partners amid criticisms and lawsuits over his tariff policies and handling of trade deals at home.

The order imposes "additional ad valorem duties on goods of certain trading partners."

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Trump signs order imposing new global tariff rates

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Trump signs order imposing new global tariff rates

Most of the new tariff rates range from 10 percent to 40 percent, according to an annex to the release from the White House.

The new tariff rates will take effect seven days after the date of the executive order with exceptions on logistical grounds.

In the past days, Trump announced deals with a few trading partners such as the European Union, Britain, Japan and South Korea, and unilaterally set rates on others including India and Brazil.

International Energy Agency (IEA) Executive Director Fatih Birol warned on Thursday that the global oil market may enter a "red zone" in July and August this year, as fuel demand rise and stocks dwindle.

Birol noted that the supply crisis triggered by the situation in the Middle East was initially cushioned by spare capacity in the global oil market, but that oil stocks are now gradually decreasing.

The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.

The IEA stands ready to coordinate further reserve releases if necessary, Birol added.