MEXICO CITY (Reuters) -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.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.

Over the past 30 years, Florida tomato growers’ share of the U.S. tomato market has shrunk from 80% to 20%, as Mexico-grown tomatoes become more common on shelves, Arizona State University professor Tim Richards said. Richards predicts the price of tomatoes will increase by about 8.5%, half the amount of the 17% tariff.

A new 17% tariff on fresh Mexican tomatoes is in effect, raising concerns about price hikes in the US. Consumers await potential impacts on the produce market.

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

Businesses typically pass tariff costs onto consumers through higher prices. Sometimes, that process is less subtle.

Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be

"It’s all going to be the same for everyone," the president told reporters of the U.S. duty those countries will face.