Trump announces 30% tariffs on imports from Mexico and EU starting August 1

US President Donald Trump announced that goods imported from Mexico and the European Union will face a 30% tariff rate starting August 1. The announcement was made through a letter posted on Truth Social, a social media platform.

Trump acknowledged Mexico's efforts in curbing undocumented migrants and fentanyl flow but criticized the country for not doing enough to prevent North America from becoming a 'Narco-Trafficking Playground.' He also mentioned a trade imbalance with the European Union.

Earlier, Trump had sent letters to seven countries imposing duties ranging from 25% to 30% and warning against retaliation. He also issued new tariff announcements for countries like Japan, South Korea, Canada, and Brazil, along with a 50% tariff on copper.

European stocks declined due to renewed tariff threats from Trump. The Stoxx Europe 600 Index fell 1% with sectors like healthcare and consumer products affected. Tariff-exposed stocks, including autos, are back in focus after Trump's tariff warnings.

The second-round tariff talks between Bangladesh and the US ended without a conclusion. Both countries agreed on some issues but some remain unresolved. Further talks are planned virtually and face-to-face.