Overview

• President Trump will impose 30% duties on most imports from the European Union and Mexico starting August 1 if no new concessions are reached
• The new 30% rate is in addition to existing 50% tariffs on steel and aluminium and 25% auto levies, all of which remain in effect
• European Commission President Ursula von der Leyen announced the hold on the first €21 billion package of counter-tariffs while talks continue
• A second EU countermeasure package targeting up to €72 billion of US goods is ready to be deployed if negotiations collapse
• Financial markets reacted with a weaker euro and lower European stocks as both sides prepare for potential escalation