President Trump’s surprise announcement of a 30% tariff on all EU and Mexican imports has sent shockwaves through global markets. The tariffs, set to take effect August 1, represent a major escalation in ongoing trade disputes.
Trump claims the move is aimed at leveling the playing field, citing unfair trade practices by the EU and insufficient action by Mexico against drug cartels. The announcement comes despite recent negotiations that had suggested a more moderate outcome was possible.
The new tariffs are expected to hit a wide range of products, from European luxury goods to Mexican agricultural exports. Both the EU and Mexico have signaled intentions to retaliate, raising the risk of a full-scale trade war.
Analysts warn that the tariffs could disrupt supply chains, drive up prices for American consumers, and dampen global economic growth.
Markets Plunge as Trump Unleashes 30% Tariffs on EU, Mexico
Date:
Picture Credit: www.flickr.com