"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.

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.

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.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

S&P 500 futures lost 0.5%, while Nasdaq 100 futures dropped 0.6%. Futures for the Dow Jones Industrial Average fell 204 points, or 0.5%.

Inflation rose in June while wages went down, driving down buying power for consumers across the economy, federal data show.

The EU has reverted to offering the US tit-for-tat tariff reductions on cars, with negotiators abandoning the idea of a complex “netting mechanism” first proposed by German carmakers. Under the latest proposal from EU negotiators,