President Trump on Thursday formally announced higher tariffs against more than 60 U.S. trading partners starting next week — just hours before the administration's self-imposed midnight deadline.

U.S. trade partners are reacting to President Donald Trump’s executive order that would introduce new tariffs on many of them in seven days.

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.