Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.

Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

President Donald Trump has announced a 19% tariff on goods from Indonesia, part of a broader push to reset U.S. trade relationships

EU Trade Commissioner Maros Sefcovic flew to Washington on Wednesday to try to resolve tariff disputes with the U.S. He will meet with U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer to discuss the issue.

U.S. President Donald Trump has announced a 30 percent tariff on goods from Mexico and the Euopean Union, citing trade deficits and national security.

Goods imported from both the European Union and Mexico will face a 30% U.S. tariff rate starting on August 1, U.S. President Donald Trump said in letters posted to his social media platform on Saturday.