Analysts said financial markets, increasingly insensitive to the threat of U.S. tariffs, will face a test when they open on Monday, after Trump announced over the weekend that he would impose 30% tariffs on the European Union and Mexico starting August 1. Trump has recently stepped up trade measures, promising to impose more tariffs on all countries from Canada to Brazil to Algeria, and inviting trading partners for further negotiations. Although JPMorgan CEO Dimon and others have issued warnings not to take things lightly, investors have so far reacted as if they are counting on the U.S. president to give in again because they have seen the previous U-turn. Brian Jacobsen, chief economist at Annex Wealth Management, said: "Investors should not just regard Trump's threat of a 30% tariff on EU goods as a bluff. This tariff level is punitive, but may hurt the EU more than the United States. Impact, so time is counting down."