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Market Overview
Trump to Impose Tariffs on Mexican Goods
In his latest bid to control illegal immigration from
Mexico, U.S President Donald Trump has announced that all goods coming from
Mexico to the U.S will carry a tariff of up to 25 percent.
In a tweet he stated that as of June 10 there will be
a five percent tariff put on all imports coming into the U.S from Mexico, and
this will slowly rise “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.”
Clarifying on how the tariff will rise, the White
House released a statement clarifying that the tariffs would rise by five
percent each month until October 1, when the rate will hit 25 percent.
“For years, Mexico has not treated us fairly – but we
are now asserting our rights as a sovereign Nations,” the statement said.
Responding to the tweet Mexico’s top diplomat for
North America, Jesus Seade, said that “if this is put in place, we must respond
vigorously.”
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