President Donald Trump on Saturday said the US will impose 30pc tariffs on goods imported from Mexico and the EU beginning on 1 August.

In a move that could significantly disrupt crude, refined product and other commodity flows, Trump made public on his social media platform letters sent to Mexican president Claudia Sheinbaum and European Commission president Ursula von der Leyen on Friday threatening the new tariffs.

Trump also vowed to raise the tariffs even higher if Mexico or the EU were to retaliate with their own measures.

The threats follow similar letters sent to leaders of other countries this past week, including a 35pc tariff on Canadian imports, likewise starting on 1 August, and a 50pc tariff on Brazilian imports.

In his letter to Sheinbaum, Trump repeated previous justifications for higher tariffs by pointing to "Mexico's failure to stop the Cartels" smuggling fentanyl into the US. "Mexico has been helping me secure the border, BUT, what Mexico has done is not enough," Trump wrote.

"If for any reason you decide to raise your Tariffs, then whatever the number you choose to raise them by, will be added onto the 30pc that we charge," Trump wrote to Sheinbaum. His letter to von der Leyen included similar language.

Trump's previous executive orders regarding tariffs on Mexico and Canada carved out exemptions for goods compliant with the US-Mexico-Canada free trade agreement. A White House official on Friday, following Trump's 10 July Canadian tariff announcement, said the exemption will remain in place, with a caveat that Trump has yet to determine the final form of application.

Regarding the EU, Trump argued the 30pc figure "is far less than what is needed to eliminate the Trade Deficit disparity we have with the EU".

Mexico's ministries of the economy, foreign affairs, finance, security and energy said in a statement Saturday that they met with their US counterparts on Friday to begin negotiations to head off the new tariffs before 1 August. "We stated at the meeting that [the new tariff plan] was unfair treatment and that we disagreed."

After receipt of the new tariff letter, von der Leyen said Trump's tariffs "would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic".

The US has clinched only one limited trade deal, which keeps in place a 10pc tariff on US imports from the UK while granting a lower-tariff import quota for UK-made cars. Trump has announced a deal with Vietnam, setting tariffs at 20pc.

By David Ivanovich