Trump made the announcement on tariff for both EU and Mexico through two letters shared on social media. The move adds pressure on US allies to renegotiate trade terms before the new rates take effect on August 1.

The biggest US export to Europe was crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the US were pharmaceuticals, cars,

President Donald Trump announced 30% tariffs Saturday on the European Union, a move that will have repercussions for companies and consumers on both sides of the Atlantic.