S&P 500 futures lost 0.5%, while Nasdaq 100 futures dropped 0.6%. Futures for the Dow Jones Industrial Average fell 204 points, or 0.5%.

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.

President Trump announced on social media that he is levying 30% tariffs against Mexico and the European Union. They are set to begin on August 1.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

Businesses typically pass tariff costs onto consumers through higher prices. Sometimes, that process is less subtle.