The euro fell to a three-week low on Monday while the Mexican peso also came under pressure after President Donald Trump threatened to impose a 30% tariff on imports from two of the largest U.S. trading partners beginning August 1.

If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.

The EU has been a frequent target of Trump's criticism. On 2 April, he proposed a 20% tariff for goods from the bloc, as well as dozens of other trade partners. He then threatened to raise the EU import taxes to 50% as trade talks stalled.