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

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

U.S. President Donald Trump announced on Saturday a 30% tariff rate for goods imported from the European Union and Mexico, starting on August 1. The EU had initially hoped to reach a comprehensive trade agreement with the U.