Trump's Tariff Bombshell: EU and Mexico Imports Hit with 30% Rate
President Donald Trump announced a 30% tariff on imports from the EU and Mexico, effective August 1st, raising tensions on international trade fronts. The EU's plans for a comprehensive trade agreement with the U.S. face challenges, as new tariffs target several countries including Japan, South Korea, Canada, and Brazil.
In a major escalation of trade tensions, President Donald Trump stated that imports from both the European Union and Mexico will incur a 30% U.S. tariff starting August 1st. This announcement was made through letters posted on his social media platform on Saturday.
The European Union, which was hoping to secure a comprehensive trade agreement with the United States for its 27-member bloc, now finds itself at a crossroads. The situation complicates the EU's trade dynamics with the U.S. and signals heightened trade barriers.
Earlier this week, Trump also revealed new tariff plans affecting various countries, including Japan, South Korea, Canada, and Brazil. A 50% tariff on copper is among these newly announced measures, indicating a broader shift towards protectionist policies.
(With inputs from agencies.)
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