Financial markets, which have shown increasing insensitivity to tariff threats from the US, will face a test at the Monday open after President Donald Trump declared a 30% rate for the European Union and Mexico effective Aug.

Key Points The president has extended his tariff pause until Aug. 1.His administration also sent letters to many countries letting them know what their tariff rates will be on Aug. 1 -- and many of these rates are high.

With the S&P 500 notching records despite promises that more tariffs are coming to everyone from Canada to Brazil to Algeria, Trump told NBC in an interview: “I think the tariffs have been very well-received.