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

The Trump administration is imposing a 17% tariff on most fresh Mexican tomatoes, the federal government said Monday, ending a yearslong agreement with the U.S.' southern neighbor over trade practices.

President Trump announcing new tariffs of 30% on Mexico and the European Union to start on August 1. European trade ministers are meeting today after pausing their retaliatory tariffs that were supposed to start today.

The US is imposing a 17% tariff on most tomatoes imported from Mexico with immediate effect, the government said. The duty came into force after the US withdrew from a long-standing agreement with its southern neighbour, arguing that the deal "had failed to protect US tomato growers from unfairly priced Mexican imports".

President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street.

Donald Trump has imposed a 17 percent tariff on tomatoes imported from Mexico, leaving shoppers and business owners bracing for the price of the grocery staple to increase. The tariffs took effect on Monday after the U.

Mexican President Claudia Sheinbaum on Tuesday 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.

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.