President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

BRIDGEWATER, New Jersey (AP) — President Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico. Trump announced the tariffs on two of the United States’ biggest trade partners in letters posted to his social media account.

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