Trump hits the European Union (EU) and Mexico with a 30% tariff, starting on August 1, and more if they retaliate.
- Trump announced a new round of tariffs on his Truth social media app
- 30% blanket levy on all imports from both the European Union (EU) and Mexico, effective August 1
- follows the breakdown of months-long trade negotiations, Trump failed to secure a broader trade agreement with either party.
- the EU had hoped to strike a zero-tariff deal on industrial goods, but talks faltered
- Trump’s 30% tariff is notably steeper than the 20% he previously proposed during “Liberation Day” remarks in April
- in his letter to the EU, Trump warned of even harsher measures if the bloc retaliates
- in a separate message to Mexico’s president, Trump linked the tariff to immigration policy, saying Mexico’s efforts to help secure the U.S. border had been “not enough,” despite recent cooperation
This article was written by Eamonn Sheridan at www.forexlive.com.