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.

President Trump threatened a significant tariff hike on the European Union and Mexico, two of the largest U.S. trade partners, on Saturday. NBC News’ Yamiche Alcindor has more.

Relying on Asian suppliers is no longer a safe bet for many factories in Mexico. Companies are racing to change, and they are being encouraged by the government.

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,

The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

A small company in northern Mexico had faced steep competition from China in making straps, plugs, fasteners, grommets, zip ties and clamps. Now, U.S. tariffs have driven a spike in his business.

US stocks close the day and week lower after Trump slaps Canada with a 35% tariff, escalating tensions. Bitcoin hit a new record high for a third day.