President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

The ministers met in Brussels following President Trump’s announcement of such hefty tariffs, which could have repercussions for governments, companies, and consumers on both sides of the Atlantic.

U.S. stock indexes are hanging near their records on Monday following President Donald Trump’s latest updates to his tariffs, as speculation continues on Wall Street that the U.S president may ultimately back down on them.

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.