Donald Trump has slapped Mexico and the European Union with 30 per cent tariffs. The tariffs are set to begin on August 1. Trump sent letters to Mexican President Claudia Sheinbaum and President of the European Commission Ursula von der Leyen outlining the new tariffs.

US President Donald Trump has announced a 30% import tariff on the European Union, effective 1 August. The move follows similar trade actions targeting Mexico, Canada, Brazil, and other key US partners.

President Donald Trump threatened new tariffs on more than 20 countries this week, but his justification for raising import taxes on Brazil stands out.

The pause on the biggest of Trump's tariffs won't pass this week, as planned, but the problems they present still loom large.

European Commission President Ursula von der Leyen said that there needed to be a “genuine rebalancing” in the China-Europe relationship.

European Union negotiators are closing in on a trade deal with U.S. President Donald Trump that would cement higher tariffs than those granted to the UK, the Financial Times reported on Wednesday.

US stocks open mixed after Trump unveiled tariffs on 14 countries, and signed an executive order to extend the “reciprocal” tariff deadline to Aug. 1.