Importers and exporters based in Texas have so far avoided the harshest effects of the trade war sparked by President Donald Trump’s tariffs on imports from a host of countries, but they could be in for a rude awakening come Monday.

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.

A federal appeals court will soon hear oral arguments in a high-profile lawsuit challenging Trump's authority to impose sweeping "reciprocal" tariffs. The case is the furthest along of more than half a dozen federal cases targeting Trump's imposition of tariffs using an emergency-powers law known as IEEPA.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

Analysts expect carmakers’ cash flows generated from their automotive business to be squeezed. They are likely to fall from €9.4bn last year to €3bn at Mercedes-Benz; from €7.1bn to €3.5bn at Volkswagen; and €4.8bn to €4.4bn for BMW, according to data from Visible Alpha.

The tariffs are likely to inflame tensions with one of the largest U.S. trading partners.

Trump’s tariffs spark a nationalist reaction in Latin America. Is the U.S. president a godsend for the region’s leftist leaders?

If Trump enacts tariffs on Mexico, it would be in violation of the U.S.-Mexico-Canada Agreement, a 2020 treaty that replaced the Clinton-era North American Free Trade Agreement.

If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.

With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.