Global markets reeled Friday after President Donald Trump's tariffs barrage against nearly all U.S. trading partners as governments looked down the barrel of a seven-day deadline before higher duties take effect.

Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41%.

However, implementation will be on Aug. 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike deals with Washington setting more favorable conditions.