President Trump on Saturday announced his administration would levy a 30 percent tariff on goods from Mexico and members of the European Union beginning Aug. 1, targeting two of the U.S.’s top trading partners.

Donald Trump has threatened 30% tariffs on imports from Mexico and the EU starting August 1, escalating trade tensions and prompting uncertainty in global markets.

The threatened tariff imposition would escalate trade tensions with two of the United States’ most significant economic partners. It has already added to a volatile week in global trade