Mexican President Claudia Sheinbaum on Tuesday said Mexico will take action if an agreement with Washington regarding new tariffs is not reached by the August 1 deadline set by her U.S. counterpart Donald Trump.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

Almost half — 49% — of Ontario automotive businesses have paused or canceled investments because of the trade tensions.

Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.

In the wake of new tariffs, the San Diego Regional Chamber of Commerce announced Monday that its senior leadership met with U.S. Ambassador to Mexico Ronald Johnson and emphasized the importance of a stable trade relationship between Mexico and the United States.

President Donald Trump said he will impose a 30% tariff on Mexico due to his accusations of fentanyl coming across the border. The EU will also face a new tariff.

The European Union could target Boeing and whiskey-maker Brown-Forman under its plans for retaliatory tariffs if the bloc can’t reach a trade deal with the U.S.

The EU and Mexico collectively comprise around one-third of U.S. imports by value, and the U.S. is a critical export market for both trading partners: around 80% of Mexico’s exports – and roughly 20% of the EU’s – go to the U.