President Donald Trump's "Liberation Day" deadline has officially hit, slapping dozens of countries with steep new trade rates overnight.

President Trump on Thursday formally announced higher tariffs against more than 60 U.S. trading partners starting next week — just hours before the administration's self-imposed midnight deadline.

So, the White House said in an announcement on Thursday (31 July) that the 'universal' tariff for goods coming into the US will stay at 10 percent, the same level that was implemented on 2 April. But that rate will only apply to nations with which the US has a trade surplus.