U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

President Donald Trump announced new tariffs on the European Union and Mexico that will take effect on Aug. 1.

In Kerr County, Trump was greeted by Gov. Greg Abbott, who on Friday announced the federal government updated Trump's disaster declaration to include more counties. Abbott said the move "will provide critical assistance to Texans and communities impacted by the devastating flooding."

Major stock indexes were slightly lower on Friday as U.S. President Donald Trump's announcement of tariffs on imports from Canada fanned worries about trade tensions, with the Canadian dollar down against the greenback.

Stocks tumbled on Friday after President Trump threatened to slap a 35% tariff on Canadian goods. CBS News MoneyWatch correspondent Kelly O'Grady reports.

German Chancellor Friedrich Merz told the broadcaster ARD that President Trump's threat of 30% tariffs on goods from the European Union as of Aug. 1 would hit the German export industry "to the core," and he vowed to work toward a solution.

German Chancellor Friedrich Merz said US President Donald Trump’s threat of 30% tariffs would hit exporters in Europe’s largest economy “to the core,” if a negotiated solution in the trade conflict can’t be found in the coming weeks.

German Chancellor Friedrich Merz issued a stark warning about the economic fallout for the German economy if the United States and the European Union fail to reach an agreement to avoid tariffs on the bloc's exports to the US.