Trump Imposes 30% Tariff on EU and Mexico
On the 12th, U.S. President Donald Trump announced a 30% tariff on products imported from the EU and Mexico. This marks the latest round of tariffs affecting 25 countries, set to take effect on August 1.
Initially, during the announcement of similar tariffs on April 2, the applicable rate for the EU was 20%, while Mexico faced a 25% tariff shortly after Trump's inauguration. The latest communication indicates that the rates for both countries have been raised. Notably, Trump mentioned in his letter to Mexico that he would consider adjusting tariffs if Mexico could prevent the flow of fentanyl into the U.S.
How the EU will respond next is particularly noteworthy. EU Commission trade spokesperson Olof Gill had previously expressed optimism that the EU would not receive a tariff notice and would reach an agreement with the U.S. in a different form, but the reality is that not only did they receive the letter, but the rates also increased.
