If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.

The European Union will hold off on imposing retaliatory tariffs on U.S. goods that were set to take effect Monday, signaling an effort to keep trade negotiations with the Trump administration alive through the end of July, the Associated Press reported.

The EU has been a frequent target of Trump's criticism. On 2 April, he proposed a 20% tariff for goods from the bloc, as well as dozens of other trade partners. He then threatened to raise the EU import taxes to 50% as trade talks stalled.

Even as it holds its fire, Brussels will pitch retaliatory tariffs targeting another €72B in U.S. goods to EU ministers on Monday.

Trump has said his global tariffs would set the foundation for reviving a U.S. economy that he claims has been ripped off by other nations for decades. Trump, in his letter to the EU, said the U.S. trade deficit was a national security threat.

European leaders sound off on the 30% tariffs U.S. President Donald Trump threatened to impose on the trade bloc.

European shares dipped on Friday as investors awaited word on tariffs for the EU, while U.S. stocks dipped in response to the upsized tariff rate Trump announced for Canada late on Thursday. Gold prices, meanwhile, rose for a third straight session on higher demand for the safe-haven asset.

The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.

The European Commission responded to Trump's announcement in a written statement, saying it remains ready to reach an agreement, while also taking "necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.