Hassett confirmed to host Kristen Welker on Sunday that tariffs on America's largest trading partners—including the European Union , Japan, and South Korea—were

The latest round of tariffs will reduce GDP in most countries. As the effects flow through, the global economy may be in for a rocky ride.

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.