Trump's executive order late Thursday laid out rates to be applied against nearly 70 countries, ranging from 10% to 41% in what a Trump administration official hailed as the beginning of a "new system of trade." The new duties are now set to go into effect on Aug. 7.

On Thursday, Donald Trump announced sweeping new tariffs against U.S. trading partners that will go into effect next week. The announcement came on the same day that an appeals court grappled with the question of whether Trump’s tariffs are even legal.

The Trump administration defended its broad tariff regime Thursday to a panel of sharply skeptical federal judges who repeatedly questioned whether Congress gave the president such broad tariff powers.

The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., will consider the legality of "reciprocal" tariffs that Trump imposed on a broad range of U.S. trading partners in April, as well as tariffs imposed in February against China,