In an escalation of the trade war that has angered US allies and rattled investors, President Donald Trump announced the latest tariffs in separate letters to European Commission President Ursula von der Leyen and Mexico’s President Claudia Sheinbaum posted on Truth Social.

The European Commission proposed on Friday a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats said. The European Union and Britain have been pushing the Group of Seven nations to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant.

Trump made the announcement on tariff for both EU and Mexico through two letters shared on social media. The move adds pressure on US allies to renegotiate trade terms before the new rates take effect on August 1.

The European Commission has been accused of rigging the selection process for the next European Data Protection supervisor.

The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.

Hungarian Prime Minister Viktor Orban was in a feisty mood ahead of a no-confidence vote in European Commission President Ursula von der Leyen slated for July 10. “Tomorrow will be a turbulent day in the European Parliament.

Link-out fees collected from developers are a bargaining chip as Apple fights against the Digital Markets Act.

Ahead of the vote on Thursday, Ursula von der Leyen, president of the commission, appeared before the European Parliament to defend herself against complaints about transparency.

The commission says the initiative will provide a common methodology for calculating, verifying and reporting on recycled plastic content in single-use beverage bottles.