The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

President Trump has introduced a plan for 30% tariffs against the EU in part because of those deficits. However, McKelvey explained the resulting trade wars might hurt Texas businesses.

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

BRIDGEWATER, N.J. (AP) — President Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico starting August 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

The Trump administration is pressing the European Union to accept blanket tariffs in the range of 15% or more, well above the level the bloc had initially negotiated with the U.S., people familiar with the matter said.