President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.

The pause on many tariffs was supposed to end this week, but it didn't. Get the inside scoop on tariffs and what they mean for your budget.

In the wake of new tariffs, the San Diego Regional Chamber of Commerce announced Monday that its senior leadership met with U.S. Ambassador to Mexico Ronald Johnson and emphasized the importance of a stable trade relationship between Mexico and the United States.

U.S. tomato prices will likely rise as the country officially retreats from a longstanding trade agreement with Mexico. Why it matters: Americans buy a lot of tomatoes, and this tariff will likely affect the cost of everything from salsa to Caprese salad.

Businesses typically pass tariff costs onto consumers through higher prices. Sometimes, that process is less subtle.

President Donald Trump's second-term economic plan can be summed up in one word: tariffs. As he unleashed a barrage of those import taxes, markets trembled and business leaders sounded alarms about the economic damage they would cause.

The U.S. will soon notify a group of minor trading partners that they will face tariffs higher than 10%, President Trump said on Tuesday evening. “We’ll be releasing a letter soon talking about many countries that are much smaller,