US President Donald Trump announced last Saturday that the US will levy 30% tariffs on all imports from Mexico and the European Union starting on August 1. In letters posted to Truth Social, Trump cited trade imbalances with the EU and Mexico's insufficient efforts to curb fentanyl flow as reasons for the new tariffs.

This decision was made after a series of tariff threats and adjustments since Trump's return to office in January.

Both the EU and Mexico have expressed strong disapproval. European Commission President Ursula von der Leyen stated the EU would delay its own countermeasures, covering US$24.54 billion of US exports, until early August, seeking a negotiated solution, but confirmed preparations for proportionate responses if no agreement is reached by August 1. Mexican President Claudia Sheinbaum expressed confidence in reaching an agreement and getting better trade terms with the US.