Day Trading Stocks & Futures
- Thread starter TraderRavi
- Start date
- Tags banknifty bnf daytrading nifty future
Trump Says U.S. Will Hit Mexico With 5% Tariffs on All Goods
The announcement, which Mr. Trump made on his Twitter feed, said the tariffs would be in place “until such time as illegal migrants coming through Mexico, and into our Country, STOP.”
In a presidential statement that followed, he said that tariffs would be raised to 10 percent on July 1 “if the crisis persists,” and then by an additional 5 percent each month for three months. They would remain at 25 percent until Mexico acted, he said.
Mexico is Washington’s largest trading partner, sending across the border items like tomatoes, cars and rugs. Mexico sent the United States $346.5 billion of goods last year — meaning that a 5 percent tariff on those products would amount to a tax increase of more than $17 billion.
Most of the costs would then be passed on to businesses and consumers.
An across-the-board tariff on all Mexican goods would exact a serious toll on American consumers and corporations, and is likely to generate significant opposition among businesses. Rufus Yerxa, the president of the National Foreign Trade Council, which represents the nation’s largest exporters, called the move “a colossal blunder.”
The president’s threat escalated his immigration fight with Mexico and is a significant move against an American ally that essentially dared the Mexican government to risk economic catastrophe on both sides of the border if it did not capitulate to the demands of the United States president.
But while Mr. Trump has made cracking down on illegal immigration a priority, his announcement on Thursday could derail another of his chief goals: Revising the North American Free Trade Agreement with Canada and Mexico.
Mr. Trump’s frustration over the rising number of illegal border crossings has steadily risen since January, when Democrats refused to grant him billions of dollars to build his long-promised wall along the southwestern border. Since then, he has consistently framed immigration as a national security crisis and tried different tactics to punish the countries he blames for the flow of migrants.
He has moved to cut off all foreign aid to countries like Guatemala, Honduras and El Salvador, and threatened to completely seal off the border with Mexico, a move that numerous officials told him would violate American law and international treaties.
https://www.nytimes.com/2019/05/30/us/politics/trump-mexico-tariffs.html
The announcement, which Mr. Trump made on his Twitter feed, said the tariffs would be in place “until such time as illegal migrants coming through Mexico, and into our Country, STOP.”
In a presidential statement that followed, he said that tariffs would be raised to 10 percent on July 1 “if the crisis persists,” and then by an additional 5 percent each month for three months. They would remain at 25 percent until Mexico acted, he said.
Mexico is Washington’s largest trading partner, sending across the border items like tomatoes, cars and rugs. Mexico sent the United States $346.5 billion of goods last year — meaning that a 5 percent tariff on those products would amount to a tax increase of more than $17 billion.
Most of the costs would then be passed on to businesses and consumers.
An across-the-board tariff on all Mexican goods would exact a serious toll on American consumers and corporations, and is likely to generate significant opposition among businesses. Rufus Yerxa, the president of the National Foreign Trade Council, which represents the nation’s largest exporters, called the move “a colossal blunder.”
The president’s threat escalated his immigration fight with Mexico and is a significant move against an American ally that essentially dared the Mexican government to risk economic catastrophe on both sides of the border if it did not capitulate to the demands of the United States president.
But while Mr. Trump has made cracking down on illegal immigration a priority, his announcement on Thursday could derail another of his chief goals: Revising the North American Free Trade Agreement with Canada and Mexico.
Mr. Trump’s frustration over the rising number of illegal border crossings has steadily risen since January, when Democrats refused to grant him billions of dollars to build his long-promised wall along the southwestern border. Since then, he has consistently framed immigration as a national security crisis and tried different tactics to punish the countries he blames for the flow of migrants.
He has moved to cut off all foreign aid to countries like Guatemala, Honduras and El Salvador, and threatened to completely seal off the border with Mexico, a move that numerous officials told him would violate American law and international treaties.
https://www.nytimes.com/2019/05/30/us/politics/trump-mexico-tariffs.html
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