An appeals court in Washington considered President Donald Trump's sweeping tariff plan, which comes into force Aug. 1 and has sparked consternation from small businesses.

So, the White House said in an announcement on Thursday (31 July) that the 'universal' tariff for goods coming into the US will stay at 10 percent, the same level that was implemented on 2 April. But that rate will only apply to nations with which the US has a trade surplus.

April's "Liberation Day" was about President Trump trying to impose a new global trade system. Thursday's tariff orders were effectively a reset to create a somewhat more practical regime. Why it matters: Trump scrapped most of the highest levies,