If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.

The European Union will delay the implementation of its trade countermeasures against the United States from Monday until early August to allow more time to negotiate a deal.

President Trump announced in letters posted to social media on Saturday that he would place a 30 percent tariff on goods from the European Union and Mexico, upending months of careful negotiations and disrupting America’s economic relationships with two of its biggest trading partners.