President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

Tariffs expand: The administration has already imposed a 30% tariff on Chinese goods and is planning similar tariffs on imports from Mexico and the European Union, the nation’s top trading partners, as part of its push to reshape global trade in favor of U.S. manufacturing and jobs.

Mexican President Claudia Sheinbaum on Tuesday said Mexico will take action if an agreement with Washington regarding new tariffs is not reached by the August 1 deadline set by her U.S. counterpart Donald Trump.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

The U.S. just ended a decades-old tomato trade agreement with Mexico, and while prices could soon spike at grocery stores and restaurants across the country, one Stanislaus County farmer says not so fast.

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.

Businesses typically pass tariff costs onto consumers through higher prices. Sometimes, that process is less subtle.

In the wake of new tariffs, the San Diego Regional Chamber of Commerce announced Monday that its senior leadership met with U.S. Ambassador to Mexico Ronald Johnson and emphasized the importance of a stable trade relationship between Mexico and the United States.