Trump announces 30% tariff on goods imported from Mexico, EU from August 1
Trump's announcement follows a flurry of tariff hikes earlier this week on goods from Japan, South Korea, Canada, and Brazil, along with a steep 50 per cent tariff on copper. The president has framed the measures as part of an effort to protect American industries and generate domestic revenue.The EU had initially sought a zero-tariff trade agreement on industrial goods with the United States. However, months of tense negotiations failed to produce a deal. While Germany has pushed for an expedited agreement to protect its industrial sector, countries like France have resisted what they see as a one-sided US proposal.Facing internal division, the 27-member bloc may now have to settle for an interim deal while hoping for more favorable terms in the future.Trump's aggressive trade stance has already begun to reshape YS revenue flows. According to Treasury data released on Friday, customs duties collected by the federal government surpassed USD 100 billion in the fiscal year through June — a significant surge driven by the newly imposed tariffs.- EndsWith inputs from ReutersMust Watch
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