European exporters say a 30% U.S. import tariff would drive prices unsustainably high and hammer their sales. While some manufacturers are shifting their supply chains stateside or elsewhere, not all businesses have the same flexibility — and can't easily replace the developed U.

President Donald Trump is readying plans for industry-specific tariffs to kick in alongside his country-by-country duties in two weeks, ramping up his push to reshape the US’s standing in the global trading system by penalizing purchases from abroad.

The average effective tariff rate has been around 16%, Morgan Stanley Wealth Management calculates, 5 times higher than the past average of 3%.

The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.

U.S. President Donald Trump may have thought that pressuring Brazil with higher tariffs would help his ally, the country's former President Jair Bolsonaro, but the move apparently backfired. Last week,

President Donald Trump said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda.“We’ll have well over 150 countries that we’re just going to send a notice of payment out,

The European Union is pushing to secure a trade deal with the U.S. ahead of President Donald Trump's Aug. 1 deadline.

President Trump said he plans to write to many nations setting a blanket unilateral tariff rate, which he said could be 10% or 15%. "We’ll have well over 150 countries that we’re just going to send a notice of payment out" detailing tariffs,

President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal.