Trump Strikes Again: New Tariffs Target Mexico and EU
President Donald Trump announced a 30% tariff on imports from Mexico and the European Union, starting August 1, after trade negotiations faltered. Separately, new tariffs target multiple countries as the EU grapples for a trade agreement amidst internal divisions. U.S. customs revenue has reached over $100 billion.
In a bold move, President Donald Trump has declared a 30% tariff on imports from Mexico and the European Union, effective August 1. This decision follows unsuccessful negotiations for a broader trade agreement with these significant trading partners.
The announcement, disseminated via letters on Truth Social, comes amidst a wider expansion of tariff policies targeting countries such as Japan, South Korea, Canada, and Brazil, alongside a substantial 50% tariff on copper. The European Union, initially aiming for zero-for-zero tariffs on industrial goods, faces the challenge of securing at least an interim trade deal.
Internal pressures are mounting within the EU as powerhouse Germany advocates for swift negotiations to protect its industry, while France calls for more balanced terms. Meanwhile, the U.S. Treasury reports a significant increase in customs revenue, surpassing $100 billion, highlighting the fiscal impact of the recent tariff escalations.
(With inputs from agencies.)
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