Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4% in May.

The European Union has finalized a second list of countermeasures to target U.S. goods worth $84 billion, including Boeing aircraft, automobiles and bourbon if it decides to retaliate as transatlantic trade tensions intensify.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.

It comes as US President Donald Trump threatens to impose 30% tariffs on imports from the European Union and Mexico.

"Imposing 30 percent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic," European Commission President Ursula von der Leyen said in a statement on July 11, in a response to Trump's letter.

Latest news and live updates as Trump announces the U.S. will send Patriot missiles to Ukraine and meets with NATO's secretary general.