President Donald Trump on Saturday announced 30% tariffs on the European Union and Mexico, cementing a new high level of levies with key trading partners ahead of an Aug. 1 implementation.

The U.S. imported more than $600 billion in goods from the E.U. and more than $500 billion from Mexico last year, according to the Commerce Department.

This past week, Trump said goods imported to the U.S. from Canada would be hit with a 35% tariff rate, while Japan and South Korea would see 25% levies.

Imposing 30% tariffs on E.U. exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic.

Ursula von der Leyen, European Commission president

The letter released on social media to Mexico doesnt make clear as an earlier one addressed to Canada also did not whether products compliant with the U.S.-Mexico-Canada free-trade agreement would be exempt from the higher tariffs.

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So far, the U.S. has announced tentative trade agreements with the U.K. and Vietnam, as well as a partial agreement with China that allows for the continuation of rare-earth exports, and otherwise unilaterally made plans to increase levies with the rest of the world.

The president of the European Commission, Ursula von der Leyen, said the region would continue working with the U.S. on an agreement even as she denounced the new tariffs and threatened countermeasures if they are enacted.

Imposing 30% tariffs on E.U. exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic, she said.

Mexico said in a statement that it was in talks to avoid new tariffs and didnt mention potential retaliation.

Financial markets have been largely unresponsive to the latest Trump tariff threats, with the S&P 500 finishing 0.3% lower last week but still at near-record-high levels. The popular expression Trump always chickens out, or TACO, is cited as one reason for traders comfort so far.

Trump himself has publicly made note of those record equity-market highs, perhaps creating a game of chicken where the president wont back down as he did with a 90-day delay on tariffs in the spring unless investors do first.

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Also, theres been little economic cost so far, with import prices and broader inflationary readings showing little movement, while the U.S. unemployment rate has stayed at low levels.

The June reading of the consumer-price index is due for release on Tuesday.

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