(Photo Credit: Saul Loeb/AFP/Getty Images)

Tariff Talks With Mexico And Trump Commence

On Thursday, Donald Trump announced he was imposing a 5% tariff on all Mexican goods starting June 10th to punish Mexico for the high rate of Mexican immigrants crossing the border. He said the tariffs will keep going up as long as the problem persists.

“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 tweeted on Thursday night.

Some economists and trade experts criticized the move, saying it would have a serious adverse effect on the economy and anger many business owners. Rufus Yerxa of the National Foreign Trade Council, which represents many large exporters, called Trump’s policy “a colossal blunder.”

The United States imported more than $350 billion dollars worth of Mexican goods last year, including fruits and vegetables, cars, and textiles. In response to Trump’s announcement, Mexican President Andrés Manuel López Obrador said he does not want a hostile relationship with the United States, and called for Trump to engage in “dialogue.”

However, Trump persisted, saying tariffs on Mexican goods could go as high as 25 percent in the next few months.