Below is an extract of a post published on Guardian titled "Markets shaken as Trump announces shock Mexico tariffs – business live"
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Via: Guardian
Levies to start on 10 June linked to ‘remedying illegal immigration’ 7.41am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Donald Trump has come under intense pressure in recent days, after special investigator Robert Mueller made it clear that he was not confident that the US president had not committed a crime in obstructing justice. What better way to distract from that than dropping a bombshell announcement on trade? 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,.. ….at which time the Tariffs will be removed. Details from the White House to follow. This surprise announcement, coming as it does in the wake of the recent new trade agreement USMCA [US Mexico Canada agreement], was completely unexpected and could well upend the whole agreement. It also makes it much more difficult for countries to take the US at its word when it comes to trade negotiations if its president can so easily lob a hand grenade into the path of an already agreed deal. Continue reading…
