Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.

President Trump has made the issue of transshipping a centerpiece of his latest trade efforts. Other countries are still waiting for the fine print.

Investors have so far behaved as if they’re counting on the U.S. president to back down, having seen previous U-turns from his administration.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

The decision was made to impose new, higher tariffs as he claimed the countries were taking advantage of the US. The tariffs are set to begin on August 1

President Trump said he plans to impose blanket levies of 15% to 20% on most trading partners that haven't yet received suggested tariff rates. That would be higher than the 10% baseline currently in effect.

The U.S. dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions with new tariffs on Canada and other trading partners. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.