President Donald Trump said he will impose a 30% tariff on Mexico due to his accusations of fentanyl coming across the border. The EU will also face a new tariff.

Greece is biggest exporter of tinned peaches, 20% go to US

BRIDGEWATER, N.J. (AP) — President Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners.

European automakers are storing thousands of cars at ports in Europe holding out hope that US President Donald Trump will eventually relent and lower, or perhaps even abandon, sweeping tariffs. However, this appears to be increasingly unlikely and vehicles may continue to pile up at ports.

EU trade commissioner Maroš Šefčovič Maroš Šefčovič stated that the introduction of 30% tariffs on European imports would actually destroy transatlantic trade, The Guardian reports. The European Union is warning of the risk of a complete freeze in trade with the United States due to a new initiative by Donald Trump.

Volvo is planning to begin U.S. production of the XC60 and XC90 crossovers as a response to the Trump administration's auto tariffs, according to an Automotive News report. The outlet cites two anonymous sources who say Volvo will begin U.

President Donald Trump has pledged a 50% tariff against Brazil, a major producer of green coffee beans. That could lead to higher coffee prices.

President Donald Trump and his supporters point to encouraging economic indicators to argue that concerns about his tariffs are overblown. Skeptics, however, say it’s too soon to declare that all’s well.