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5/31, 1:37 AM (Source: TeleTrader)
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US to impose 5% tariff on all Mexican goods

United States President Donald Trump announced that the US will impose a 5% tariff on all Mexican goods on June 10. Earlier on Thursday, Trump said he will make his "biggest statement so far on the border" on Friday.

"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," Trump wrote on Twitter.

According to a White House statement, "if the crisis persists," the tariffs will be raised to 10% on July 1, then to 15% on August 1, 20% on September 1, and finally 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 statement said.

The decision comes after the administration decided to initiate the approval process for the United States-Mexico-Canada Agreement (USMCA), and days after it removed tariffs on aluminum and steel imports from Mexico and Canada.

Breaking the News / DJ