New tariff rates on U.S. imports, initiated under President Donald Trump 's administration, came into effect on Thursday, marking a significant development in his reshaping of global trade. These measures include potential tariffs of up to 200% on pharmaceutical imports and a 100% import tax on computer chips.

Trade negotiations are coming down to the wire with U.S. tariffs set to kick in at midnight for countries around the world.

U.S. President Donald Trump on Thursday signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the U.S.-Mexico-Canada trade agreement, the White House said.