Connect with us

Hi, what are you looking for?

News

New 5% Tariff On All Imports From Mexico

US President Donald Trump announced on Thursday that the US will be imposing a 5% tariff on all imports from Mexico, effective June 10th.

The move was first announced by Trump in an evening Twitter post, and the possibility of further tariffs is on the table.

The US will start with a universal 5% tariff on Mexican imports, with new duties on the table should Mexico not “reduce or eliminate the number of illegal aliens” crossing into the US. The announcement by the White House comes in spite of the fact that US congressional leaders are possibly set to kick-start the process of updating the North American Free Trade Agreement (NAFTA). US Trade Representative Robert Lighthizer sent a letter to congress on Thursday asking lawmakers to push the updates to NAFTA forward.

The US imported approximately $346.5 billion in goods from Mexico last year, which is an increase of over 10% from 2017. Mexico is a critical trade partner to the United States, with Mexican goods making up 13.6% of all of America’s imports last year.

The reason for the tariffs wasn’t economic in nature, however, as it is in the case of China. The Tariffs were announced in the context of slowing down or stopping illegal immigration into the US via the US-Mexican land border. “If the illegal migration crisis is alleviated through effective actions taken by Mexico, to be determined in our sole discretion and judgment, the Tariffs will be removed. If the crisis persists, however, the Tariffs will be raised to 10 percent on July 1, 2019,” the White House reported. From there, the duties will increase by 5% on the first of each month, holding permanently at 25%, effective October 1st if the White House’s demands aren’t met. From that point, the White House intends to keep duties frozen at 25% until they are satisfied with Mexico’s course of action regarding illegal immigration at the border.

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...