US President Donald Trump announced on Saturday the imposition of a 30% tariff on all imports from the European Union, effective August 1. The decision, delivered via formal letters, follows the breakdown of prolonged trade negotiations between Washington and Brussels.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

One-fifth of the EU’s exports are heading to the US. Tariffs on the carmaking sector hit the German economy the most, but potential tariffs on the pharmaceutical one could cost substantially to the Irish economy.

Germany's Economy Minister Katherina Reiche warns that President Trump's proposed 30% tariffs on EU imports could harm European exporters and US consumers. She advocates for a swift and pragmatic resolution to the trade conflict to prevent further economic damage amid rising tensions.

US tariff policy reduces trade and heightens uncertainty, decelerating both economic and insurance premium growth around the world, a recent Swiss Re

The EU is prepared to retaliate if the U.S. imposes a 30% tariff on European goods. European leaders vow unity and caution against U.S. trade policies. The potential tariffs could significantly impact EU exporters and American consumers,