President Donald Trump's surprise threat to impose escalating tariffs on Mexican imports jolted industry leaders throughout the U.S. economy Friday, sparked opposition even from usual Trump allies and set the stage for American consumers to face higher prices.
The impact of Trump's latest tariffs, should they be imposed, will fall first on U.S. companies. Businesses in many industries have set up tightly linked supply chains with Mexico. Billions of dollars of auto parts, for example, are sent back and forth across the U.S.-Mexico border, in some cases several times, as components are added and integrated into finished cars. Similar networks exist in other industries, from clothing to electronics.
"Any barrier to the flow of commerce across the U.S.-Mexico border will have a cascading effect — harming U.S. consumers, threatening American jobs and investment, curtailing the economic progress that the administration is working to re-ignite," said David Schwietert, interim president of the Auto Alliance trade group, which represents U.S. automakers and foreign companies that build cars in the United States, such as BMW and Toyota.
Sen. Chuck Grassley, R-Iowa, a usual Trump ally and the chairman of the Senate Finance Committee, condemned the president's action as"a misuse of presidential tariff authority" that would burden American consumers and"seriously jeopardize passage of USMCA." "This is a tax on healthy diets, plain and simple," said Lance Jungmeyer, president of the Fresh Produce Association of the Americas.
Trump has already imposed 25% tariffs on $250 billion of goods from China. The additional duties on Mexican imports could weaken the U.S. economy. Growth was already forecast to slip to a roughly 1.5% annual pace in the April-June quarter, down from 3.1% in the first three months of the year.
President Trump is the only President to stand up for this country and call out these other countries for taking advantage of the U.S. No other president would do this. All these other leaders just bent over and grabbed their ankles.
Brilliant economic strategist, right? Absolutely! He tells us he is!
RIGHT THING TO DO! Republicans and... Democrats SUPPORT YOUR PRESIDENT!!! 👍🇺🇸⚖️👏👏👏😊🙏
He has no idea how tariffs work.
A price Dems are willing to impose on America for their failure to address the conditions on immigration
Mexico throws him some crumbs. Trump announces victory, takes credit for preventing a potential disaster of his own making, tells everyone what a great job he's doing.
More surprising, the do-nothing Mexican President stated, Americans putting America first is a mistake! He’s obviously owned by the cartels and has no problem with drug flow, illegal immigration and human trafficking.
Someone needs to educate him and show him how to stabilize our country and trading policies
DUH !
We're spoiled here in America to pay little make huge Prodits, especially Big Corporations. Just be prepared to pay more for your products made in the Good Old U S.A SHAKING MY HEAD LEARN
A theory is that in the event Trump is not elected to a second term, he's causing as much chaos as possible to undermine our democracy.
Here comes the recession
You nkow,l it would be really nice if the Press remembered this is WAR, the enemy puppet won the elections and he’s here t odo damage and damage follows a sequene of steps that are part of something called strategy. Please think and call it like it is.
Democrats should just let tRUMP win in 2020. His economic experiment will send America into a tailspin. There will be a recession/depression during the next Presidential term. Wall St backs tRUMP and they contrive the markets on his behalf in unprecedented fashion.
well it makes sound economics sense; trash the value of everything American, let his foreign/criminal friends purchase it from bankruptcy auctions (Koch puppets sabotaged Michigan auction licenses/integrity), and then bailouts can go to them not the people who are selling farms.
and he will spend tax dollars bailing out the members of his base hurt by this decision.
Trump did hand the US soybean market to Putin. His plan is bankrupt the US economy and hand our market commodities to Putin. TrumpCriminalInvestigations
And Mexico is laughing!
Didn’t he just renegotiate the deal and all were happy? Something is wrong with this guy.