Things may get even crazier on the tariff front.
President Trump is preparing to threaten Mexico with new tariffs as part of an attempt to force the country to crack down on a surge of Central American migrants seeking asylum in the United States, reports The Washington Post.
Tariff man is planning to make the announcement Friday, but some White House aides are trying to talk him out of it, arguing that such a threat would rattle financial markets and potentially imperil passage of the USMCA trade agreement, the Bezos rag reports.
But the president already told reporters outside the White House on Thursday morning that he was preparing a “major statement” about the surge. The Post says the statement will be the tariff threat.
“It will be a statement having to do with the border and having to do with people illegally coming over the border and it will be my biggest statement so far on the border,” Trump said.
“This is a big league statement,” he added, without going into detail. “We are going to do something very dramatic on the border because people are coming into our country.”
-RW
UPDATE
President Trump said Thursday that he planned to impose a 5 percent tariff on all imported goods from Mexico beginning June 10, a tax that he said would “gradually increase” until Mexico stopped the flow of undocumented immigrants across the border. He sent out the following two tweets announcing the development.
On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP. The Tariff will gradually increase until the Illegal Immigration problem is remedied,..— Donald J. Trump (@realDonaldTrump) May 30, 2019
....at which time the Tariffs will be removed. Details from the White House to follow.— Donald J. Trump (@realDonaldTrump) May 30, 2019
UPDATE 2
UPDATE 3MEXICAN DEPUTY FOREIGN MINISTER SEADE SAYS WE WILL NOT REMAIN WITH OUR "ARMS FOLDED" BEFORE TARIFF DEADLINE TO SEE IF THREAT IS SERIOUS— FxMacro (@fxmacro) May 30, 2019
WHITE HOUSE: MEXICO TARIFFS TO RISE BEYOND 5% BEGINNING JULY 1TH, REACHING 25% ON OCT 1ST— Gregor Peter (@L0gg0l) May 30, 2019
UPDATE 4If Mexico tariff crisis drags on, on Aug. 1st the amount of tariffs on Mexican goods would outpace the total amount that has been put on Chinese goods (52.5 bln vs. 50 bln) (assuming no additional tarffs on $300 billion Chinese goods by then)— Gregor Peter (@L0gg0l) May 30, 2019
UPDATE 5.@WhiteHouse just wrapped a call about Mexico tariffs. Someone asked what is a metric that set for success here when the tariffs can be taken off.— Elizabeth Landers (@ElizLanders) May 31, 2019
Mulvaney: “We did not set a specific percentage or specific number” says admin will assess on “a day to day and week to week basis”
More coverage in the EPJ Daily Alert.
Yo Mexico, if you don't stop your residents from coming here, we're going to make life more expensive for our residents! Take that!
ReplyDeleteThe president threatened the Mexican government with tariffs if the government did not stem the flow of immigrants from Central America. He later claimed in a tweet published this Friday that the tariffs would help bring back jobs to the US, reduce thr number of drugs coming into the US and help reduce the trade deficit. Really, he said that.
ReplyDeleteSo what exactly is the incentive to remove the tariffs even if the Mexican state complies, or what is the incentive for Mexican authorities to accommodate Trump's new tantrum if, going by what he tweeted, he seems not to have any intention of removing the tariffs?
https://www.cnbc.com/2019/05/31/trump-mexico-tariffs-auto-industry-jobs-drug-smuggling-trade-deficit.html?__source=twitter%7Cmain