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.

Many economists already believe it’s a matter of time before Americans start to see sticker shock from the tariffs President Donald Trump has enacted. That timeline could speed up even more if Trump follows through with his latest package of tariff threats slated to take effect in three weeks.

President Donald Trump on Saturday threatened 30 percent tariffs on two major U.S. trading partners — the European Union and Mexico. In letters posted to Truth Social, the president said each country would face the new tariffs starting Aug.