The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street.

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing and large appliances.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.

Tariff revenues have brought in more that $113 billion so far this year, according to the Treasury Department data. The U.S. received more than $27 billion in customs duties in June alone.

It shows that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

Trump slapped a 50% tariff on Brazil, and Brazilian President Luiz Inacio Lula da Silva said his country would respond.