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.

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.

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,

The US economy is expected to slow the rest of the year as tariffs take a bigger toll on consumers and businesses, immigration constraints intensify

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

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.

KUALA LUMPUR (Reuters) -Philippine President Ferdinand Marcos Jr will meet U.S. President Donald Trump in Washington this month, Manila's top diplomat said on Friday, with an increased trade tariff on one of Washington's top defence allies set to be discussed.