In a new era of gloves-off trade negotiations, poorer countries had the least leverage with a country the size of the U.S.

President Donald Trump’s latest tariffs are ready to launch. Last week, Trump signed executive orders slapping tariffs of between 10% and 41% on a range of countries, but delayed their start date until Aug. 7.

The Trump administration's tariffs are expected to raise $50 billion a month, with revenue going into the general fund.

The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States.

Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.