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.

While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10 percentage points higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.

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.

If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.

Economists and investors are left guessing by President Donald Trump’s tariff agenda as he grants extensions then threatens higher tariffs in letters to trading partners. It remains to be

Trump's tariffs have led some companies to announce that they plan to raise prices.Even before his so-called "Liberation Day," companies warned they would pass costs on to shoppers.BI is keeping track of companies that said they'd raise prices due to tariffs — and those who already have.

President Trump set a 50 day deadline for a ceasefire deal between Russia and Ukraine or else he will hit Russia with "severe" tariffs. Also, the U.S. is sending weapons to Ukraine through NATO. Politico Foreign Affairs Correspondent Eli Stokols and Puck Founding Partner Julia Ioffe join Katy Tur to react to Trump's change in tone on Russian President Putin.