President Donald Trump's economic policies are facing scrutiny as weak indicators emerge. Job gains are dwindling, inflation is rising and growth has slowed compared to last year.

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.