If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.

July 13 (Reuters) - German Finance Minister Lars Klingbeil said on Sunday the European Union must take "decisive" measures against the United States if tariff negotiations fail to cool an escalating global trade war. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here.

Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.

European Commission President Ursula von der Leyen comments on President Donald Trump’s new tariffs of 30% on goods from the EU and Mexico starting Aug. 1.

A senior German politician said on Sunday the European Union and Washington could negotiate further and postpone higher import duties after U.S. President Donald Trump ramped up the trade war by threatening a hike in tariffs on the bloc.

The EU Committee of Permanent Representatives (Coreper) will hold an extraordinary meeting in Brussels on Sunday 13 July, during which EU member state ambassadors will discuss the draft of the 18th package of EU sanctions against Russia,

The European Commission responded to Trump's announcement in a written statement, saying it remains ready to reach an agreement, while also taking "necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.

The European Union braced on Friday for a possible letter from U.S. President Donald Trump outlining planned duties on the United States' largest trade and investment partner after a broadening of his tariff war in recent days.