President Donald Trump unleashed his latest tariff ultimatums, declaring a 30% rate for Mexico and the European Union, as his trade agenda continues to keep allies off balance and inject uncertainty into global financial markets.
Trump made the announcement in two letters posted to social media Saturday as he informed key trading partners of new rates that will kick in on Aug. 1 if they cannot negotiate better terms.
He has spent the week sending out letters to countries, tweaking his proposed tariff levels from April and inviting trading partners to negotiate further.
The EU had been hoping to conclude a tentative deal with the EU to stave off the tariff, but Trump's letter dulled optimism for an 11th-hour agreement between the major economies.
“The European Union will allow complete, open Market Access to the United States,” Trump said, or “whatever the number you choose to raise them by, will be added onto the 30% that we charge.”
In his letter to Mexico, Trump said the country has been “helping me secure the border,” but added that it wasn't enough.
“Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground. Obviously I cannot let that happen!” Trump said in the letter to Mexican President Claudia Sheinbaum.
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