Donald Trump announces 30% tariff on imports from EU
Donald Trump has announced he will impose a 30% tariff on imports from the European Union from 1 August.
The tariffs could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the US.
Mr Trump has also imposed a 30% tariff on goods from Mexico, according to a post from his Truth Social account.
Announcing the moves in separate letters on the account, the president said the US trade deficit was a national security threat.
In his letter to the EU, he wrote: “We have had years to discuss our trading relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, trade Deficits, engendered by your tariff, and non-Tariff, policies, and trade barriers.
“Our relationship has been, unfortunately, far from reciprocal.”
In his letter to Mexico, Mr Trump said he did not think the country had done enough to stop the US from turning into a “narco-trafficking playground”.
The president of the European Commission, Ursula von der Leyen, said today that the EU could adopt “proportionate countermeasures” if the US proceeds with imposing the 30% tariff.
Ms von der Leyen, who heads the EU’s executive arm, said in a statement that the bloc remained ready “to continue working towards an agreement by Aug 1”.
“Few economies in the world match the European Union’s level of openness and adherence to fair trading practices,” she continued.
“We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.”
Ms von der Leyen has also said imposing tariffs on EU exports would “disrupt essential transatlantic supply chains”.
Meanwhile, Dutch Prime Minister Dick Schoof said on the X social media platform that Mr Trump’s announcement was “very concerning and not the way forward”.
He added: “The European Commission can count on our full support. As the EU we must remain united and resolute in pursuing an outcome with the United States that is mutually beneficial.”
Mexico’s economy ministry said a bilateral working group aims to reach an alternative to the 30% US tariffs before they are due to take effect.
The country was informed by the US that it would receive a letter about the tariffs, the ministry’s statement said, adding that Mexico was negotiating.
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How ‘liberation day’ unfolded
Trump’s tariff threats and delays
On his so-called “liberation day” in April, Mr Trump unleashed “reciprocal tariffs” on many of America’s trade partners.
The US president said he was targeting countries with which America has a trade imbalance.
However, since then he’s backed down in a spiralling tit-for-tat tariff face-off with China, and struck a deal with the UK.
The US imposed a 20% tariff on imported goods from the EU in April but it was later paused and the bloc has since been paying a baseline tariff of 10% on goods it exports to the US.
In May, while the US and EU where holding trade negotiations, Mr Trump threated to impose a 50% tariff on the bloc as talks didn’t progress as he would have liked.
However, he later announced he was delaying the imposition of that tariff while negotiations over a trade deal took place.
As of earlier this week, the EU’s executive commission, which handles trade issues for the bloc’s 27-member nations, said its leaders were still hoping to strike a trade deal with the Trump administration.
Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes.
Elon Musk could be on track for a $1trn pay packet.
Tesla shareholders have approved the whopping financial package for the CEO – who’s already worth an estimated $491bn – if he hits a series of ambitious targets over the next 10 years.
But that $1trn figure (or £761,910,000,000) – which is both one thousand billion and one million million – is almost impossible to imagine for most people.
Even so, we have drilled down into the numbers and examined what you can do with a trillion US dollars – and it turns out, quite a lot.
Show me the money
Laid end to end, a trillion one-dollar bills would cover a distance of approximately 156 billion metres.
That could wrap around the equator 3,890 times, easily reach the sun from Earth (around 149.6 million km) or loop from Earth to the moon 405 times.
That many one-dollar notes could cover a massive area (roughly 10,339 km squared), meaning you could blanket nearly all of Lebanon or Jamaica in bills.
Spend it on sport
You could splash out on virtually all of the world’s major sporting leagues.
The clubs which make up the Premier League are relatively cheap ($30bn), and even when snapping up the UEFA Champions League clubs and the big five top divisions of Spain, Italy, Germany, and France, there’s still $858bn left in the kitty.
The four major US sports leagues for ice hockey, baseball, basketball, and American football (NFL, NBA, MLB and NHL) have a rough valuation of $544bn, according to Sportico.
But then add the IPL cricket league ($120bn) and F1 ($23.1bn) and Musk still has change from an estimated total spend of $829.7bn.
Elon Musk is in the money if he hits targets set by Tesla’s shareholders. File pic: AP
Take over Tesla’s rivals
He could buy up the top 15 largest publicly traded automakers (excluding Tesla) by market capitalisation.
They would include firms like Japan’s Toyota ($275bn), Chinese automaker BYD ($120bn), and luxury brands like Ferrari ($81bn) and Mercedes-Benz ($62bn), as well as BMW ($52bn), Volkswagen ($50bn) and Ford ($48bn).
But there would still be a little change left over; the total bill would be an eye-watering $992bn.
Buy up San Diego
He could buy up every single residential property in San Diego County – valued at a total of $1trn. Seattle is just slightly out of reach at $1.1trn, according to recent data from real estate firm Zillow.
But if he wanted to buy big – there is always Tennessee. The total value of homes in the US state is estimated at $957bn. Or there is Maryland, which at $1.01trn could be bought if he can find a little more cash behind the sofa.
Sadly, he would struggle to scoop up London’s entire housing stock, which in February was valued at just under £2trn ($2.53trn), according to agents Savills.
Cities like New York ($4.6trn) and Los Angeles ($3.9trn) are also not within his budget, hosting America’s most expensive residential markets.
Do something charitable?
There is always the possibility Musk could follow in the footsteps of Microsoft founder Bill Gates, who intends to give away 99% of his vast fortune over the next 20 years.
He could give every single man, woman, and child in the US a share of his cash pile. They would receive approximately $2,917.32 (£2,223.29), based on a population estimate of 342.7 million.
Although it would be roughly $14,348.79 (£10,935.20) for every person (roughly 69.6 million) in the UK.
If he wanted to give the entire globe an early Christmas present, then based on the rough world population estimate of 8.2 billion, everyone would receive $121.80 (£92.87).
Pay off the credit card
With $1trn, he could instantly rewrite history and erase debt interest payments and the government debt from dozens of the world’s sovereign nations.
Or Musk could wipe out the debts of Singapore ($1trn) or South Korea ($0.99trn) in one go, according to figures from the International Monetary Fund’s latest World Economic Outlook (Oct 2025).
But when it comes to the biggest debt-laden countries, $1trn would not even touch the sides.
The US has $38.3trn of government debt (just over one third of the total global debt pile) while the UK has a modest $4.1trn.
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