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.

President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariffs on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices.

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Trump made the statement while signing a law aimed at fighting fentanyl trafficking. He added that "Mexican authorities are petrified to show up at their office, to go to work because cartels have a tremendous grip" on the country and its politicians. "Can't let that happen," he added.

President Trump announced on social media that he is levying 30% tariffs against Mexico and the European Union. They are set to begin on Aug. 1.

The US Department of Transportation said the move “left American businesses holding the bag for millions in increased costs.”