The U.S. will impose a 5% tariff on all Mexican imports from June 10 — and duties of up to 25% will be added in the coming months to push Mexico to address immigration issues, the White House announced On the evening of May 30.
Effective June 10, tariffs will be imposed on goods imported from Mexico, and depending on Mexico’s response may or may not these tariffs be increased according to the following schedule:
- 10% on July 1;
- 15% on August 1;
- 20% on September 1;
- 25% on October 1.
“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 White House said.
U.S. President Donald Trump first announced the Mexico tariffs on Twitter.
Mexico is the largest foreign supplier of agricultural products to the United States, totaling $26 billion last year, according to the USTR. Top categories among those imports included fresh vegetables, fresh fruit, wine and beer, and processed foods.
If Trump makes good on a tariff threat against Mexico, it is not clear how that would affect the United States-Mexico-Canada trade deal, which the administration is pushing Congress to ratify.
Source: Strtrade.com & cnbc.com
