President Donald Trump is threatening to hit the European Union and Mexico with new 30% percent import taxes that will take effect Aug. 1 and he says he'll raise them even higher if any of the countries retaliate,

Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.

U.S. stock futures are lower after President Donald Trump further escalated trade tensions. Over the weekend, Trump announced a 30% tariff on goods from the European Union and Mexico, starting Aug. 1. Mexico and EU leaders said they would continue to negotiate this month before that date.