New US tariffs are coming into effect this week. US President Donald Trump's newest deadline of August 1 is his latest attempt to secure trade agreements with vital global economies – and bring in more revenue for the US.

Take Monday’s deal between the US and the EU. They avoided a trade war by agreeing that the EU would pay 15 per cent tariffs on most goods – half the rate that Mr Trump had threatened.

But other big shifts are also taking place. US tariffs are pushing international exporters to find more reliable trade partners, and countries in the Middle East are stepping up to the plate.

On this episode of Business Extra, host Salim Essaid hears from Simon Evennet, a professor of geopolitics and strategy at the IMD business school in Stockholm, to understand what this means for the region.

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