On Monday, President Trump announced new tariff rates for 14 countries, including Japan, Kazakhstan, Serbia, and South Africa, to name a few. Some of those rates are upwards of 40% and are set to go into effect on Wednesday.

These new rates come just ahead of President Trump’s initial July 9 deadline for countries to come to the table with new trade deals or face higher tariffs. That deadline for other countries is now August 1.

It's a lot to follow, so Chad Bown, a senior fellow at the Peterson Institute for International Economics, joined “Marketplace” host Kai Ryssdal to talk about how this is playing out and what comes next. Listen in the player above to hear the conversation.