In a significant escalation of trade tensions, Donald Trump has announced plans to implement 30% tariffs on imports from the European Union and Mexico starting August 1. This decision has raised alarm among US exporters and European leaders, who fear that such tariffs could lead to a trade war, tipping Europe toward recession and disrupting global markets. As Wall Street reacted to the news, major indices saw declines, with the Dow closing over 100 points lower. European trade ministers are convening to strategize countermeasures, while industry leaders across the Atlantic express deep concerns about the impact on trade relations and the potential for retaliation. The EU has warned that its trade with the US could be drastically reduced if Trump follows through on these tariffs. With both sides on edge, the international trade landscape is facing an uncertain and potentially tumultuous period.