President Trump announced a 30% tariff on goods from the EU and Mexico, set to take effect on August 1st. This move follows similar letters sent to 23 other U.S. trading partners, including Canada, Japan, and Brazil, signaling a potential escalation of trade tensions on a global scale. The tariffs are likely to impact a wide range of industries and consumer goods, prompting concerns about potential price increases and retaliatory measures from affected countries. The administration has yet to release specific details on the products targeted by the new tariffs.