President Donald Trump just set new tariffs for every country around the world, solidifying his extreme break with America’s long-standing trade policy.

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.

President Donald Trump calls money from tariffs good news. But collections so far pale in comparison to the government’s deficit.