This is what some business leaders have told the BBC about what this means for them.

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Shock and Relief: Companies Around the World React to Trump's New Tariffs

Image Title,Workers Sort Tomatoes at a Wholesale Market in Mexico City.

Business leaders around the world have come to terms with the reality of higher tariffs on exports to the U.S. market, following President Donald Trump's new tariff order on Thursday night.

In an executive order, President Trump imposed new tariffs on countries that failed to reach updated trade agreements with the United States.

Earlier this week, he outlined a new framework for agreements with nations that successfully negotiated revised terms.
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