Mexican President Claudia Sheinbaum on Tuesday said Mexico will take action if an agreement with Washington regarding new tariffs is not reached by the August 1 deadline set by her U.S. counterpart Donald Trump.

The impact on effective tariff rates is expected to be moderate. BofA estimates these could rise to 4.2% for Canada and 6.9% for Mexico, up from 3.6% and 6.2%, respectively, due to the high share of USMCA-compliant goods in total trade flows.

With new tariffs on tomatoes from Mexico falling during Maryland’s tomato season, farmers are hopeful that more people will make the switch to local produce.

The Mexican delegation in Washington expressed disagreement with the tariff announcement and considered it “unfair treatment,” according to a government statement.

Over the past 30 years, Florida tomato growers’ share of the U.S. tomato market has shrunk from 80% to 20%, as Mexico-grown tomatoes become more common on shelves, Arizona State University professor Tim Richards said. Richards predicts the price of tomatoes will increase by about 8.5%, half the amount of the 17% tariff.

In the wake of new tariffs, the San Diego Regional Chamber of Commerce announced Monday that its senior leadership met with U.S. Ambassador to Mexico Ronald Johnson and emphasized the importance of a stable trade relationship between Mexico and the United States.

President Donald Trump said he will impose a 30% tariff on Mexico due to his accusations of fentanyl coming across the border. The EU will also face a new tariff.

U.S. President Donald Trump's announcement of a proposed 50% tariff on copper imports has raised concerns in Chile and Peru, which together account for nearly 40% of global copper production.