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President Donald Trump is ramping up the pressure on two of America's largest trading partners, announcing higher tariffs on Mexico and the European Union.See the story in the video aboveOn Saturday morning, Trump posted letters to his Truth Social account outlining his plans to impose 30% tariffs on goods coming into the United States from Mexico and the European Union starting next month, leaving a short window for potential trade deals before that deadline.Similar letters were sent to more than 20 other countries throughout the week as the Trump administration's initial 90-day pause on "reciprocal tariffs" expired. The new effective date for the latest rates is Aug. 1, according to the president.Trump linked the tariff increase on Mexico to the fentanyl crisis. He said that while Mexico has taken steps to secure the border, it hasn't done enough. Regarding the EU, Trump said the higher rate is a step towards closing the trade deficit.The announcement comes days after the EU's chief negotiator indicated that a trade deal with the United States could be reached soon. The bloc of 27 nations has made clear that they are seeking a diplomatic solution, but they've also been preparing retaliatory measures on hundreds of American goods in case negotiations fail. Trump says countries that retaliate will face even higher tariff rates. This is a developing story. Check back for updates.