U.S. automakers are not pleased with the terms, saying that the 15% that foreign makers will pay does not make up for lower labor costs and weaker currencies.

WASHINGTON — President Donald Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7 — the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades.