President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

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.

Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.

U.S. President Donald Trump announced plans to impose new 30% tariffs on Mexico and the European Union effective from Aug. 1, launching the latest salvo in his ongoing trade war.

Donald Trump ramps up trade war with threats of 30% tariffs on EU and Mexico - Three EU officials told Reuters they believed the tariffs were a negotiation ploy by Trump

Goods imported from both the European Union and Mexico will face a 30% U.S. tariff rate starting on August 1, U.S. President Donald Trump said in letters posted to his social media platform on Saturday.