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  • 2 days ago
President Donald Trump on Saturday (July 12), 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. - REUTERS
Transcript
00:00U.S. President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1st.
00:11This follows weeks of negotiations with the key U.S. allies and top trading partners that failed to lead to a comprehensive trade deal.
00:19The fresh tariffs were announced in separate letters to European Commission President Ursula von der Leyen and Mexico's President Claudia Scheinbaum posted on Truth Social.
00:30Spokespeople for the EU and Mexico said they were notified about the letters ahead of time.
00:34Von der Leyen responded on social media saying, quote,
00:38We remain ready to continue working towards an agreement by August 1st.
00:43At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.
00:53While Mexico's economic ministry said it hopes to reach an agreement with the U.S. before August 1st.
01:00Trump has sent similar letters to 23 other U.S. trading partners this week, including Canada, Japan and Brazil.
01:07Trump said the 30% tariff rate was separate from all sectoral tariffs, which means 50% levies on steel and aluminum imports and a 25% tariff on auto imports would remain at those levels.
01:22The August 1st deadline gives countries targeted by Trump's letters time to negotiate a trade deal that could lower the threatened tariff levels.
01:31The spate of letters shows Trump has returned to the aggressive trade posture that he took in early April,
01:37when he announced a slew of reciprocal tariffs against trading partners that sent markets tumbling before the White House delayed implementation.
01:45But with the stock market hitting record highs in recent weeks and a bullish economy,
01:51Trump is showing no signs of slowing down his trade war.
01:54America's

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