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femmedem

(8,188 posts)
Thu May 30, 2019, 10:59 PM May 2019

Per WaPo:Trump's slapping tariffs on Mexican imports until they stop illegal immigration.

WaPo: Trump says U.S. to impose 5 percent tariff on all Mexican imports beginning June 10 in dramatic escalation of border clash

"President Trump on Thursday said he would impose a 5 percent tariff on all goods entering from Mexico unless it stopped the flow of illegal immigration to the United States, a dramatic escalation of his border threats that could have sweeping implications for both economies.

The White House plans to begin levying the import penalties on June 10 and ratchet the penalties higher if the migrant flow isn’t halted. Trump said he would remove the tariffs only if all illegal migration across the border ceased, though other White House officials said they would be looking only for Mexico to take major action.

After the 5 percent tariffs are imposed on June 10, the White House said it would increase the penalties to 10 percent on July 1 and then an additional 5 percent on the first day of each month for three months. The tariffs would stay at 25 percent “until Mexico substantially stops the illegal inflow of aliens coming through its territory,” a statement by the president said.

The economic consequences of Trump’s new plan could be swift and severe. Tariffs are paid by companies that import products, so U.S. firms would pay the import penalties and then likely pass some costs along to consumers. Mexico exported $346.5 billion in goods to the United States last year, from vehicles to fruits and vegetables. And many manufactured items cross the border several times as they are being assembled."

More: https://www.washingtonpost.com/immigration/trump-prepares-to-threaten-mexico-with-new-tariffs-in-attempt-to-force-migrant-crackdown/2019/05/30/0f05f01e-8314-11e9-bce7-40b4105f7ca0_story.html?utm_term=.0fdf95b02b4e

Edited to add: this must be what he's thought up to shift focus from Mueller.
Aaaand edited again to remove all my expletives.

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SCantiGOP

(13,856 posts)
1. Dow futures down over 200 points
Thu May 30, 2019, 11:05 PM
May 2019

Japan down also. It’s almost like Trump is trying to sabotage the economy. I guess he’ll blame that on Obama and Clinton.

femmedem

(8,188 posts)
2. It's going to be disastrous if the courts can't stop him.
Thu May 30, 2019, 11:09 PM
May 2019

Even Grassley called it a misuse of presidential authority.

BigmanPigman

(51,432 posts)
3. I heard from my supermarket clerk
Thu May 30, 2019, 11:12 PM
May 2019

a couple weeks ago that his manager warned him that the prices will be going up due to new tariffs on goods from Mexico. This will really hit CA hard since a lot of goods go back and forth at our border. It will hurt us more than Mexico and will have zero effect on immigration. Don't forget, this is the same stable genius who lost over $1 BILLION in only 10 years (of course if was his dad's or the banks' money so it didn't really hurt him)!

femmedem

(8,188 posts)
6. Yes, it violates NAFTA and blows up legislation that is currently in the works.
Thu May 30, 2019, 11:25 PM
May 2019

From another article: Jorge Guajardo, a former Mexican diplomat now with McClarty Associates, said the new tariffs would run counter to the existing North American Free Trade Agreement, which provides for mostly duty-free trade among the United States and its two neighbors.

“Why even have a trade agreement if it means nothing?” he said.

https://www.washingtonpost.com/business/economy/trumps-threat-to-hit-mexico-with-tariffs-could-upend-his-trade-deal-and-undermine-the-economy/2019/05/30/876a1de0-8342-11e9-95a9-e2c830afe24f_story.html?utm_term=.2581a90f93a7

Really messes up the car industry supply chain.

 

Wellstone ruled

(34,661 posts)
8. So all those gains in Corn and Bean Futures today
Thu May 30, 2019, 11:32 PM
May 2019

will be wiped out tomorrow. Mexico is the last Grain market left. I guess Putin will have to pick up the slack like he promised China earlier today.

Hortensis

(58,785 posts)
10. Roughly $1B in trade crosses that border each day.
Fri May 31, 2019, 06:59 AM
May 2019

And every "ratchet" has been forcing/encouraging Mexico and other nations to trade more with others, not us, and enter major new agreements, such as with China.

As a distraction, not bad. Like setting fire to a house to keep a rotting roof from being noticed.

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