World shares have retreated after President Donald Trump issued a new set of import duties that will apply to dozens of countries as of Aug. 7.

“Trump's new tariff directive, signed behind closed doors just ahead of the 1 August deadline, slaps a new floor under global trade costs: a 10 per cent minimum rate for nearly all partners, with surcharges of 15 per cent or higher for surplus nations,” with Canada drawing particular ire, Stephen Innes of SPI Asset Management said in a commentary.