Washington, Aug. 1 -- United States President Donald Trump on Thursday (local time) issued an Executive Order further modifying reciprocal tariff rates, building upon the national emergency declared under Executive Order 14257 earlier this year, in an effort to address what he described as large and persistent U.S. goods trade deficits that pose a threat to national security and the economy.

Invoking authority under the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act, and the Trade Act of 1974, Trump said the new measures respond to additional recommendations received from senior officials on foreign trade practices and their impact on U.S. exports, manufacturing, and supply chains.

"In Executive Order ...