As dozens of countries race to reach trade deals with the U.S. ahead of a Thursday deadline, President Trump has embraced a strategy that goes beyond the usual focus on markets and deficits: He’s demanding multibillion-dollar investments in the U.S.

President Donald Trump’s expanded reciprocal tariffs will not apply to any products loaded onto a vessel for transport into the United States before 12:01 a.m. New York time on Thursday, according to guidance issued by US Customs and Border Protection.

Under the executive order, Trump has kept an existing baseline 10% tariff for about 100 countries, and reciprocal tariff rates for 70 countries will range from 15% to 41%. A separate order also raised tariffs on goods from Canada from 25% to 35% “to address the flow of illicit drugs” across the northern border.

The president says his tariffs will spur America into a "golden age," but that remains far from certain. Here are five things about how his trade policies could impact the U.S. and global economies.

President Donald Trump announced on Thursday he’s raising import taxes on nearly 70 countries starting Aug. 7.