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 threatened a significant tariff hike on the European Union and Mexico, two of the largest U.S. trade partners, on Saturday. NBC News’ Yamiche Alcindor has more.

The decision was made to impose new, higher tariffs as he claimed the countries were taking advantage of the US. The tariffs are set to begin on August 1

President Trump said he plans to impose blanket levies of 15% to 20% on most trading partners that haven't yet received suggested tariff rates. That would be higher than the 10% baseline currently in effect.

The U.S. dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions with new tariffs on Canada and other trading partners. Trump issued a letter late on Thursday that said a 35% tariff rate on all imports from Canada would apply from August 1.