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A Steam Guard Mobile Authenticator provides additional security for your account. Adding an authenticator does not immediately remove existing restrictions. Trades created within the first 7 days of adding the authenticator will still have up to a 15 day trade hold. This allows your items to still be protected and gives you time to recover your account if a malicious actor were to ever add an authenticator to your account.
https://support.steampowered.com/kb_article.php?ref=1047-edfm-2932#appadded
EDIT....................
The items are not "held" for 7 days. They are held for up to 15 days during that first 7 of adding the authenticator. This is a restriction, not a "hold". The account is restricted for 7 days.
Reason I say that is, because many people get trade holds and trading restrictions confused.
The 7 days is a one time thing. Unless you disable it of course. After that, you don't have to do it again. There will be no more trade holds after that 7 days.
Because the vast majority of users have little to no common sense and will gladly gift their items away or click on suspicious links