Trump announces 5% Tariff on Mexican Imports....with possibly more to come.
05-30-19, 05:21 PM
#1
Lexus Fanatic
Thread Starter
Trump announces 5% Tariff on Mexican Imports....with possibly more to come.
President Trump announced a 5% tariff on Mexican imports, including vehicles, starting June 10. It includes vehicles, but is not primarily aimed at them....it is essentially a sanction on the Mexican government until they take meaningful action to curb the flow of illegal aliens. But it will definitely impact, among other automakers, GM and Ford, who have recently transferred (or have plans to transfer) production to Mexican plants. If the 5% tariff is not effective, it will be raised to 10% on July 1, 15% on August 1, 20% on September 1, and 25% on October 1.
https://mail.aol.com/webmail-std/en-us/suite
UPDATED MOMENTS AGO
Joanna Tan
@TAN_JOANNA
KEY POINTS
President Donald Trump speaks with reporters as he departs the White House, in Washington, DC, on May 30, 2019.
Jim Watson | AFP | Getty Images
The U.S. will impose a 5% tariff on all Mexican imports from June 10 — and more duties will be added in the coming months if Mexico does not take action “to dramatically reduce or eliminate the number of illegal aliens” crossing into the U.S., the White House said Thursday.
It comes as U.S. Trade Representative Robert Lighthizer on Thursday sent a letter to congressional leaders, kick starting the process of approving updates to the North American Free Trade Agreement.
U.S. President Donald Trump first announced the Mexico tariffs via Twitter.
Mexico was the second-biggest importer of goods into the United States in 2018, according to the Office of the U.S. Trade Representative.
The United States imported $346.5 billion of goods in 2018, an increase of 10.3 percent over the year prior. The 2018 total accounted for 13.6 percent of overall U.S. imports that year.
“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 said.
“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,” it added.
“Tariffs will permanently remain at the 25 percent level unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory.”
According to a copy of a letter obtained by CNBC, Lighthizer submitted a draft so-called Statement of Administrative Action, which would allow the Trump administration to send the trade deal to Congress within 30 days. President Donald Trump wants to quickly follow through on his pledge to overhaul trade relations with Canada and Mexico, but Congress still stands in the way of ratifying the United States-Mexico-Canada Agreement. The White House wants to ratify the deal this summer.
Here is statement from the White House:
https://mail.aol.com/webmail-std/en-us/suite
Trump says US will impose 5% tariff on all Mexican imports from June 10
PUBLISHED 38 MIN AGOUPDATED MOMENTS AGO
Joanna Tan
@TAN_JOANNA
KEY POINTS
- The U.S. will impose a 5% tariff on all Mexican imports from June 10, President Donald Trump said in a tweet on Thursday night.
President Donald Trump speaks with reporters as he departs the White House, in Washington, DC, on May 30, 2019.
Jim Watson | AFP | Getty Images
The U.S. will impose a 5% tariff on all Mexican imports from June 10 — and more duties will be added in the coming months if Mexico does not take action “to dramatically reduce or eliminate the number of illegal aliens” crossing into the U.S., the White House said Thursday.
It comes as U.S. Trade Representative Robert Lighthizer on Thursday sent a letter to congressional leaders, kick starting the process of approving updates to the North American Free Trade Agreement.
U.S. President Donald Trump first announced the Mexico tariffs via Twitter.
Mexico was the second-biggest importer of goods into the United States in 2018, according to the Office of the U.S. Trade Representative.
The United States imported $346.5 billion of goods in 2018, an increase of 10.3 percent over the year prior. The 2018 total accounted for 13.6 percent of overall U.S. imports that year.
“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 said.
“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,” it added.
“Tariffs will permanently remain at the 25 percent level unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory.”
According to a copy of a letter obtained by CNBC, Lighthizer submitted a draft so-called Statement of Administrative Action, which would allow the Trump administration to send the trade deal to Congress within 30 days. President Donald Trump wants to quickly follow through on his pledge to overhaul trade relations with Canada and Mexico, but Congress still stands in the way of ratifying the United States-Mexico-Canada Agreement. The White House wants to ratify the deal this summer.
Here is statement from the White House:
To address the emergency at the Southern Border, I am invoking the authorities granted to me by the International Emergency Economic Powers Act. Accordingly, starting on June 10, 2019, the United States will impose a 5 percent Tariff on all goods imported from Mexico. 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. Similarly, 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. Tariffs will permanently remain at the 25 percent level unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory. Workers who come to our country through the legal admissions process, including those working on farms, ranches, and in other businesses, will be allowed easy passage.
Last edited by mmarshall; 05-30-19 at 05:27 PM.
05-30-19, 05:33 PM
#3
Lexus Fanatic
Thread Starter
Maybe for a 5% tariff, but not for 20-25%. American consumers will resist paying that much more for their vehicles. The automakers will either have to eat part of the cost or bring the manufacturing back home to the U.S. and Canada.....where they should have left it in the first place.
05-30-19, 05:41 PM
#5
Lexus Fanatic
Thread Starter
That's easy to say now, before the impact of the tariff actually hits. Let's see what happens if Trump actually makes good on the 25% threat by October. Of course, if the flow of undocumented immigration slows, the tariffs will be relaxed, so, it is not ultimately in the hands of the auto manufacturers or consumers anyway, but the Mexican government.
Last edited by mmarshall; 05-30-19 at 05:48 PM.
05-30-19, 05:51 PM
#6
Lexus Fanatic
I just realized. I think this thread is inappropriate for this forum. It is actually about illegal immigration. It’s not really about auto tariffs. This forum has actually become much more enjoyable since the debate forum was closed.
05-30-19, 05:56 PM
#7
Lexus Fanatic
Thread Starter
The moderators have the option of closing the thread if they think is inappropriate. I would not have posted it in Car Chat if it was not something that, IMO, would (or could) strongly affect the auto industry....and we have had Car Chat threads before on tariffs. Although a 5% tariff is probably not a huge issue, an (ultimate) 25% tariff on auto imports is serious business.
Last edited by mmarshall; 05-30-19 at 06:02 PM.
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05-30-19, 07:25 PM
#9
Lexus Fanatic
The motivation for these tariffs were not to bring back jobs, they were to make the illegal immigration subject in the news again. These tariffs are on all Mexican products. Not limited to automotive. This is why it's not a car chat subject.
05-30-19, 07:53 PM
#10
Forum Administrator
iTrader: (2)
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