President Donald Trump on Saturday targeted Mexico and the European Union with steep 30 percent tariffs, dramatically raising the stakes in already tense negotiations with two of the largest US trading partners.

Both sets of duties would take effect August 1, Trump said in formal letters posted to his Truth Social platform. The president cited Mexico's role in illicit drugs flowing into the United States and a trade imbalance with the EU as meriting the tariff threat.

Both partners swiftly slammed the new duties, with the EU warning they could disrupt supply chains -- but insisting it would continue talks seeking an agreement with the US -- while Mexico branded them an "unfair deal."

French President Emmanuel Macron expressed "very strong disapproval" of the step and called on the bloc to "resolutely defend European interests."

Since returning to the presidency in January, Trump has unleashed sweeping stop-start tariffs on allies and competitors alike, roiling financial markets and raising fears of a global economic downturn.

But his administration is coming under pressure to secure........

© International Business Times