President Donald Trump on Saturday said major US trading partners Mexico and the European Union would face a 30 percent tariff starting next month, ramping up pressure for deals in his trade wars.
Both sets of duties would take effect August 1, Trump said in separate letters posted to his Truth Social platform, citing Mexico’s role in illicit drugs flowing into the United States and a trade imbalance with the EU respectively.
Since returning to the presidency in January, Trump has unleashed sweeping tariffs on allies and competitors alike, roiling financial markets and raising fears of a global economic downturn.