The European Union braced on Friday to receive a letter from U.S. President Donald Trump, outlining planned duties on his largest trade and investment partner after a broadening of his tariff war in recent days.

President Trump announced on social media that he is levying 30% tariffs against Mexico and the European Union. They are set to begin on August 1.

The European Union is awaiting clarity on the approach that President Donald Trump wants to take with respect to tariffs. According to a Reuters report, the EU is bracing for a tariff letter from the White House on Friday,

President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the key U.S. allies and top trading partners failed to reach a comprehensive trade deal.

Shelving the plan could help EU persuade the U.S. to give it a more favorable trade deal and comes just two months after the Commission suggested it.

The European Union has decided to hold off on imposing retaliatory tariffs on U.S. goods that were set to begin Monday

Some investors and economists have also noted Trump's pattern of backing off his tariff threats. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider,