Trump, Mexico and EU
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U.S. President Donald Trump announced plans to impose new 30% tariffs on Mexico and the European Union effective from Aug. 1, launching the latest salvo in his ongoing trade war.
S&P 500 futures lost 0.5%, while Nasdaq 100 futures dropped 0.6%. Futures for the Dow Jones Industrial Average fell 204 points, or 0.5%.
If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.