In an effort to reduce illegal immigration, President Donald Trump
announced new tariffs on Mexico that would worsen every month that they did not end illegal immigration into the United States.
And he did it from his Twitter account.
“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,” the president tweeted.
statement released after the president’s announcement, the White House indicated that they would raise tariffs by 5 percent every month, up to a hefty 25 percent.
“Tariffs will permanently remain at the 25 percent level unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory,” the statement read.
Congress has abrogated its power to set tariffs to the executive branch, and could vote to rescind that power at any time.
Mexico became the top trading partner to the United States in the most recent economic data from February. Typically it falls behind Canada and China in the third top trading spot.
Dow futures plummeted by more than 160 points after Trump’s announcement.
Here’s more on the tariff against Mexico:
Trump says US will impose tariffs on Mexican goods