Trump says he will impose 30% tariffs on EU and Mexico from August, warns against retaliation

U.S. President Donald Trump announced that he would impose 30% tariffs on goods exported to the United States from the European Union and Mexico starting August 1. He warned that he would impose higher import taxes if the two U.S. trading partners retaliated. The 27-member European Union said earlier this week that it hoped to reach an agreement with Washington before August 1.

Trump also said this week that the United States will impose new tariffs on goods from Japan, South Korea, Canada and Brazil starting August 1. Similar notification letters have also been sent to several smaller U.S. trading partners.

In a letter to European Commission President Ursula von der Leyen on Friday (July 11), Trump wrote: "We have had many years to discuss the trade relationship between the United States and the European Union and have concluded that it is necessary to get rid of these long-term, large and persistent trade deficits caused by your tariffs, non-tariff policies and trade barriers."