Trump Imposes 30% Tariff on EU to ‘Correct’ Trade Deficit

US President Donald Trump has announced that all imports from the EU and Mexico will have a 30% tariff as of August 1. He sent letters to EU President Ursula von der Leyen and Mexico’s President Claudia Sheinbaum informing them of the new rates, which were also posted on his Truth Social account on Saturday.

Roughly a third of all goods imported into the US come from these two countries, so the new rates will have a significant impact on prices. Trump hopes to “correct” a “large and unsustainable” trade deficit caused by “many years” of the EU imposing tariffs on the US. He also demands that the bloc give “complete, open market access” to the US.

The tariff on Mexico is partly attributed to the country’s “failure to stop the Cartels” responsible for trafficking fentanyl into the US. In 2024, 96.6% of all fentanyl entering the ...