Mexico’s strong economic ties to the US have also worked in the peso’s favor. The US doesn’t intend to apply the 30% rate to USMCA-compliant goods, a White House official said on Saturday. The administration has previously said it will keep the exemption for Canada.

Mexico currently supplies around 70% of the U.S. tomato market, up from 30% two decades ago, according to the Florida Tomato Exchange.

While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10 percentage points higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.

Mexico is aiming for a U.S. trade agreement before the Aug. 1 deadline, while the European Union said it is ready to retaliate against any tariffs.

China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.

Negotiations are ongoing, but if these tariffs go through, the EU says it will retaliate. That could impact with the US exports over to Europe, including things like crude oil, pharmaceuticals, aircraft,

Tariff negotiations between the two top trading partners are on a different track from those the U.S. is pursuing with other nations. But Canada may not get a better outcome.

The U.S. just ended a decades-old tomato trade agreement with Mexico, and while prices could soon spike at grocery stores and restaurants across the country, one Stanislaus County farmer says not so fast.