President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

The EU is prepared to take the necessary steps to safeguard its interests if the U.S. proceeds with imposing a 30% tariff on European goods starting Aug 1, European Commission President Ursula von der Leyen said on Saturday.

Makers of the most advanced artificial intelligence systems face obligations for transparency, copyright protection and public safety. The rules are not enforceable until next year.

President Donald Trump released two tariff letters on Saturday, imposing duties of 30% on products from Mexico and the European Union.

TikTok is facing a fresh European Union privacy investigation into user data transferred to China. The Irish Data Protection Commission opened the inquiry as a follow up to a previous investigation that ended earlier this year with a 530 million euro fine.

The European Union will extend the suspension of its trade countermeasures until Aug. 1 while it continues to seek a negotiated settlement to the Trump administration's tariffs. "We remain ready to continue working towards an agreement by August 1,

Migration into the European Union pushed its population to a record 450.4 million people last year, offsetting a natural population decline for the fourth straight year, EU data released on Friday showed.