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President Donald Trump will sign an executive order July 31 imposing new tariff rates on trading partners that take effect Aug. 1, the White House said.

The EPA's plan this week to relax rules aimed at cleaning up auto tailpipe emissions is the latest Trump administration move to undo incentives for automakers to go electric.

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“July may be our peak season month as retailers and manufacturers bring orders in earlier than usual, then brace for trade uncertainty," said Port of Los Angeles' Gene Seroka.

Derek Barrs, nominated by President Donald Trump to the top post at the Federal Motor Carrier Safety Administration, was easily approved by the Commerce Committee July 30.

Trump said that goods from Mexico imported into the U.S. would continue to face a 25% tariff, and that autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50%.

President Donald Trump’s authority to issue sweeping global tariffs under an emergency law was met with skepticism at a federal appeals court hearing July 31, a day before higher rates are set to start.

The pact involves a reduction of the so-called reciprocal tariffs, especially on Pakistani exports, but no details on tariffs were shared by either side.

Ford warned profit this year will see a sharp drop on the growing fallout from President Donald Trump’s tariffs, underscoring the policy shifts in Washington that are upending the auto industry.

Prices rose 2.6% in June compared with a year ago, the Commerce Department said July 31, up from an annual pace of 2.4% in May.