Numerous countries around the world are facing the prospect of new tariffs on their exports to the United States on Aug. 7, a potential blow to the global economy, because they haven't yet reached a trade deal with the Trump administration.

Trump intends the duties to bring back manufacturing to the United States, while also forcing other countries to reduce their trade barriers to U.S. exports.

"The trade team has been working around the clock to try to be in correspondence with as many countries as possible, but if they haven't heard from us yet, they will in the form of a letter or an executive order by midnight tonight,

President Donald Trump signed an executive order Thursday, slapping tariffs on most of America's trading partners set to take effect next week.

On Thursday, Donald Trump announced sweeping new tariffs against U.S. trading partners that will go into effect next week. The announcement came on the same day that an appeals court grappled with the question of whether Trump’s tariffs are even legal.