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

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.