Trump's Tariff Turmoil: EU and Mexico Hit with 30% Levy

President Donald Trump has imposed a 30% tariff on imports from Mexico and the European Union after unsuccessful trade negotiations. The European Union, hoping for a comprehensive deal, now braces for the impact on the 27-country bloc. These new tariffs aim to generate significant revenue for the U.S.

President Donald Trump announced a fresh 30% tariff on imports from Mexico and the European Union, set to begin on August 1, following failed negotiations with key trading allies. The tariffs were revealed in letters on Truth Social, illustrating a significant shift in trade policy.

The European Union, seeking a comprehensive trade agreement that would include zero-for-zero tariffs on industrial goods, is now preparing for the consequences of these new duties. With Germany pushing for a swift deal to protect its industry and France urging caution against one-sided agreements, the EU faces internal pressure.

The Trump administration's tariff strategy has so far resulted in tens of billions of dollars in new monthly revenue for the U.S. government, with customs duties exceeding $100 billion from the start of the federal fiscal year through June, highlighting the economic impact of this policy.

(With inputs from agencies.)