President Donald Trump has announced that the European Union and Mexico will face a 30% tariff on imports to the US from 1 August. He warned he would impose even higher import taxes if either of the US trading partners decided to retaliate.

President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the key U.S. allies and top trading partners failed to reach a comprehensive trade deal.

Trump insiders maintain that it would make little sense — politically or from a policy standpoint — for the president to offer any further extensions on trade.

EU’s von der Leyen says the EU will safeguard its interests, ‘including the adoption of proportionate countermeasures.’

The pause on the biggest of Trump's tariffs won't end this week, but the president continues to pledge steep new duties against major countries.

"Deeply regrettable" is how Japanese Prime Minister Shigeru Ishiba has described US President Donald Trump's latest tariff threat - a 25% levy on Japanese goods. Tokyo, a long-time US ally, has been trying hard to avoid exactly this.

U.S. Secretary of State Marco Rubio met counterparts in Southeast Asia on Thursday during his first visit to Asia since taking office, seeking to reassure them the region is a U.S. priority despite President Donald Trump's tariff offensive.

President Donald Trump's threats to impose high tariffs on countries make U.S. trading partners and investors nervous. But his sector tariffs could hurt consumers and businesses more in the long run.