Cambodia will scrap tariffs on US goods and pledged to buy as many as 20 Boeing Co. 737 Max jets in a bid to narrow its trade gap with Washington, according to Deputy Prime Minister Sun Chanthol.

Numerous countries around the world are facing the prospect of new tariffs on their exports to the United States on Aug. 7, a potential blow to the global economy, because they haven't yet reached a trade deal with the Trump administration.

President Donald Trump on Thursday signed an executive order that would have new tariffs on a wide swath of U.S. trading partners to go into effect in seven days — the next step in his trade agenda that will test the global economy and alliances.