Numerous countries around the world are facing the prospect of new tariffs on their exports to the United States on Aug. 7, a potential blow to the global economy, because they haven't yet reached a trade deal with the Trump administration.

President Trump will impose a 35% tariff on Canada, up from 25%, as the White House pushes countries to finalize trade deals. Mexico received a 90-day extension, while Trump said other nations have until the deadline to negotiate or face new tariffs.