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

Crucial exporters to the US such as Taiwan, the world’s most important semiconductor exporter, will incur steep new levies. Trump also raised tariffs on Canada, an ally and major trading partner, to 35 per cent. India was hit with a rate of 25 per cent and Switzerland with 39 per cent.

President Donald Trump on Thursday formalized the array of high tariff levels and trade deals he has announced in recent weeks, the latest escalation in his attempt to disrupt and reshape the global economic order.