Taking to TruthSocial on Saturday, Mr Trump confirmed goods from both Mexico and the EU would be subject to 30% tariffs from August 1. The EU had hoped to agree a wide-ranging trade deal with the US following Mr Trump's decision to pause his so-called liberation-day tariffs.

US President Donald Trump has announced a 30% import tariff on the European Union, effective 1 August. The move follows similar trade actions targeting Mexico, Canada, Brazil, and other key US partners.

Business leaders and experts say the uncertainty from President Trump's tariff policies are making it difficult to run operations.

"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.

STORY: The European Union said it was working on sealing a trade deal with the U.S. by the end of the month.European Commission President Ursula Von der Leyen said the EU was working closely with the Trump administration to reach a deal.

U.S. President Donald Trump's latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward.