US President Donald Trump has announced that all imports from the EU and Mexico will have a 30% tariff as of August 1. He sent letters to EU President Ursula von der Leyen and Mexico’s President Claudia Sheinbaum informing them of the new rates, which were also posted on his Truth Social account on Saturday.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.