President Donald Trump has threatened to impose 30% tariffs on Mexico and the European Union starting August 1. He cited drug trafficking from Mexico and a trade imbalance with the EU as reasons for the move.
Mexico rejected the threat as “unfair,” while the EU emphasized its commitment to free and fair trade and expressed hope for continued negotiations.
Trump also announced new tariffs on Japan, South Korea, Canada, Brazil, and copper. These tariff measures have pushed U.S. customs revenue past $100 billion, according to Treasury data.