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%.

Mexico’s strong economic ties to the US have also worked in the peso’s favor. The US doesn’t intend to apply the 30% rate to USMCA-compliant goods, a White House official said on Saturday. The administration has previously said it will keep the exemption for Canada.

US President Donald Trump said on Tuesday he has reached a trade agreement with Indonesia, just a week after threatening to slap the Southeast Asian nation with steep tariffs. However, the President provided no details on the deal’s scope or terms.

The decision was made to impose new, higher tariffs as he claimed the countries were taking advantage of the US. The tariffs are set to begin on August 1

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

Mexico did not face a new tariff on April 2, the day of Trump's so-called "Liberation Day" tariff rollout. There remains a 25% tariff on non-USMCA-compliant goods from Canada and Mexico, as well as a 50% tariff on steel, aluminum and derivative products.