Most nations are still negotiating in hopes of avoiding punitive import taxes. At the same time, they’re looking for trading partners as a way around the United States.

Global investors got a harsh reminder of the risks around trade tariffs and U.S. President Donald Trump's deal-making on Saturday after he threatened fresh tariffs on his biggest trading partners in Europe and Mexico.

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.

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.

The European Union braced on Friday for a possible letter from U.S. President Donald Trump outlining planned duties on the United States' largest trade and investment partner after a broadening of his tariff war in recent days.

It shows that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

European Commission President Ursula von der Leyen said that there needed to be a “genuine rebalancing” in the China-Europe relationship.