Three of America's largest trading partners will be hit with tariffs of more than 30 per cent after President Donald Trump announced the rates that will apply to the European Union and Mexico.

PARIS: French President Emmanuel Macron on Saturday condemned US President Donald Trump’s threat to impose 30% tariffs on the EU, calling on the bloc to “resolutely defend European interests”.

President Donald Trump on Saturday (July 12), threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the key U.S. allies and top trading partners failed to reach a comprehensive trade deal.

While US President Donald Trump’s chaotic tariff strategy has disrupted the oil market for months, his renewed attacks on trading partners this week have solidified consensus on at least one matter: The outlook for crude demand is set to worsen.