The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility, and looming economic pain.

Goods imported from both the European Union and Mexico will face a 30% U.S. tariff rate starting August 1, U.S. President Donald Trump said in letters posted to his social media platform on Saturday.

But he said the country has not done enough to stop North America from turning into a “Narco-Trafficking Playground.”