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5d ago

Trump Threatens 30% Tariffs on EU and Mexico as EU Delays Retaliation to Pursue Deal

Brussels has postponed countermeasures until August 1 to facilitate negotiations with Washington on tariff reductions.

FILE - European Commissioner for Trade and Economic Security Maros Sefcovic, right, speaks with European Commission President Ursula von der Leyen, during the weekly meeting of the College of Commissioners at EU headquarters in Brussels, April 9, 2025. (AP Photo/Omar Havana, File)
President of the European Commission Ursula von der Leyen and the President of Indonesia (Unseen) are talking to media at the end of a bilateral meeting in the Berlaymont, the EU Commission headquarter on July 13, 2025 in Brussels, Belgium. The discussions focused on Donald Trump, who announced 30% surcharges for the European Union and Mexico starting from August 1st.

Overview

  • President Trump announced that 30% duties will be imposed on most imports from the European Union and Mexico starting August 1 to extract reciprocal concessions and address the US trade deficit.
  • He sent letters to 23 other trading partners, including Canada, Japan and Brazil, proposing blanket tariff rates ranging from 20% to 50%.
  • European Commission President Ursula von der Leyen said the EU prefers a negotiated solution and has deferred its planned counter-tariffs until August 1 while keeping retaliatory measures ready.
  • The EU and Mexico denounced the threatened levies as unfair and warned they would disrupt essential transatlantic supply chains and raise costs for businesses and consumers.
  • Global markets reacted to the announcement as the pan-European STOXX 600 index fell 1% on renewed investor worries over escalating trade tensions.