Trump Imposes 30% Tariff on EU, Mexico

Effective August 1 if they are unable to get better terms

- BLOOMBERG

President Donald Trump unleashed his latest tariff ultimatums, declaring a 30% rate for Mexico and the European Union, as his trade agenda continues to keep allies off balance and inject uncertainty into global financial markets.

Trump made the announcement in two letters posted to social media Saturday as he informed key trading partners of new rates that will kick in on August 1 if they cannot negotiate better terms.

He has spent the week sending out letters to countries, tweaking his proposed tariff levels from April and inviting trading partners to negotiate further. The EU had been hoping to conclude a tentative deal with the US to stave off the tariff, but Trump's letter dulled optimism for an 11th-hour agreement between the major economies.

He did, however, leave an opening for additional adjustments.