Trump, European Union and Mexico
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Financial markets, which have shown increasing insensitivity to tariff threats from the US, will face a test at the Monday open after President Donald Trump declared a 30% rate for the European Union and Mexico effective Aug.
While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April.
President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.
The global trade war is intensifying as President Trump on Saturday threatened the European Union and Mexico with tariffs.
President Trump threatened a significant tariff hike on the European Union and Mexico, two of the largest U.S. trade partners, on Saturday. NBC News’ Yamiche Alcindor has more.
Mexico did not face a new tariff on April 2, the day of Trump's so-called "Liberation Day" tariff rollout. There remains a 25% tariff on non-USMCA-compliant goods from Canada and Mexico, as well as a 50% tariff on steel, aluminum and derivative products.
Major stock indexes were slightly lower on Friday as U.S. President Donald Trump's announcement of tariffs on imports from Canada fanned worries about trade tensions, with the Canadian dollar down against the greenback.
President Trump said he plans to impose blanket levies of 15% to 20% on most trading partners that haven't yet received suggested tariff rates. That would be higher than the 10% baseline currently in effect.