President Donald Trump has announced the imposition of 30% tariffs on goods from the European Union and Mexico, effective August 1st, according to a report by Walter Bloomberg. This move is likely to escalate existing trade tensions and could impact various sectors, including automotive, agriculture, and consumer goods. The specific details of the goods affected by these tariffs remain to be seen, but the announcement has already sent ripples through international markets. Experts predict potential retaliatory measures from the EU and Mexico, leading to a trade war scenario. Businesses are urged to assess their supply chains and pricing strategies in anticipation of these changes. The long-term economic consequences of these tariffs are uncertain, but are predicted to raise prices for consumers. ```