President Trump Means Business! Puts Tariffs On Mexico Until Illegal Immigration Stops
President Trump made a big power-play move on Thursday to put a stop to illegal immigration.
He announced that he will be implementing a 5% tariff that will increase as time passes until it reaches 25% or until they do something to stop immigration.
According to Fox News,
President Trump on Thursday abruptly announced a new 5 percent tariff on Mexico beginning in early June, saying the levy will "gradually increase" until the ongoing illegal immigration surge at the southern border is "remedied" and illegal migrants "STOP."
"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," Trump wrote. "The Tariff will gradually increase until the Illegal Immigration problem is remedied, ... ..at which time the Tariffs will be removed. Details from the White House to follow."
Fox News is told the tariff on all goods by land, sea, and air from Mexico will hike to 10 percent on July 1 -- and potentially increase substantially from there.
"If Mexico still has not taken action to dramatically reduce or eliminate the number of illegal aliens crossing its territory into the United States, Tariffs will be increased to 15 percent on August 1, 2019, to 20 percent on September 1, 2019, and to 25 percent on October 1, 2019," Trump said in a statement released later by the White House on Thursday. "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 Blaze reports,
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.
This is going to mean a lot because Mexico will not be able to withstand these tariffs once they reach a breaking point. They'll dilly-dally around for a while as they continue to lose money due to tariffs, then they'll do something about the immigration problem.