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.

On August 1, a significant shift in international trade is expected as President Donald Trump enacts a 30% tariff on imports from the European Union and Mexico, two of the U.S.'s largest trading partners.

The president has earned a reputation for bluffing on tariffs. But he has steadily and dramatically raised U.S. tariffs, transforming global trade.

Wall Street is pointing lower before the opening bell with new tariffs announced for Europe and Mexico and as the unofficial start of earnings season get under way this week. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq each retreated by about 0.3% early Monday.

President Donald Trump said Monday that he would impose secondary tariffs on Russia of 100% if a peace deal with Ukraine isn’t reached in 50 days. “We are going to be doing very severe tariffs if you don’t have a deal in 50 days,

US inflation heated back up in June, rising to its highest level in four months, as price increases — including those from tariffs — packed a bigger punch.

President Donald Trump and his supporters point to encouraging economic indicators to argue that concerns about his tariffs are overblown. Skeptics, however, say it’s too soon to declare that all’s well.

People across the country are set to pay more for ketchup, salsa and other tomato-based foods.