While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10 percentage points higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.

Mexican President Claudia Sheinbaum on Tuesday (July 15) said Mexico will take action if an agreement with Washington regarding new tariffs is not reached by the August 1 deadline set by her U.S. counterpart Donald Trump,

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.

On August 1, a significant shift in international trade is expected as President Donald Trump enacts a 30% tariff on imports from the European Union and Mexico, two of the U.S.'s largest trading partners.

Wall Street is pointing lower before the opening bell with new tariffs announced for Europe and Mexico and as the unofficial start of earnings season get under way this week. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq each retreated by about 0.3% early Monday.

Betting on Mexico’s currency has paid off for investors even amid Donald Trump’s trade war. The peso is up more than 11% this year, beating all regional peers, even as it dipped Monday following the latest tariff news — a threat of a 30% levy announced over the weekend.

Antidumping duties are calculated to measure the percentage by which Mexican tomatoes have been sold in the United States at "unfair prices," the Commerce Department said in its statement. President Donald Trump on Saturday had separately threatened to impose a 30% tariff on imports from Mexico starting on August 1,

The move comes amid a separate push by President Trump to increase tariffs on dozens of U.S. trading partners, including Mexico, which was told over the weekend to expect 30% tariffs starting in August.