President Trump’s new tariff plan will impose duties up to 70% on major trade partners starting August 1. While intended to streamline trade talks, the move is raising economic and market concerns.

Duties on imports from dozens of countries would jump if the 90-day pause imposed in April expires July 9 as scheduled.

President Donald Trump said early Friday his administration is resuming a broad set of tariffs on dozens of countries after a 90-day pause, as trade negotiations with many of those nations have failed to yield new deals.