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.

Mexico currently supplies around 70% of the U.S. tomato market, up from 30% two decades ago, according to the Florida Tomato Exchange.

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%.

Gov. Gretchen Whitmer is warning that President Donald Trump’s “chaotic policies” on tariffs will cost Michigan residents thousands of dollars each year.

Rep. Tony Gonzales (R-Texas) said he supports President Trump’s approach to tariffs on Mexico, even though he acknowledged the tax on imported goods will likely hurt Texans if it takes effect. In

Wall Street is pointing lower before the opening bell with new tariffs announced for Europe and Mexico and as the unofficial start of earnings season get under way this week. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq each retreated by about 0.3% early Monday.

Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider,

The U.S. ends a nearly 30-year-old trade agreement with Mexico this month. Here's how it could impact the cost of this kitchen staple.