Businesses warn Trump of consequences of new Mexican tariffs
WASHINGTON (AP) — Despite pushback from U.S. business, Mexico and Capitol Hill, President Donald Trump doubled down Friday on his threat to slap a 5% tariff on Mexican imports unless America’s southern neighbor cracks down on Central American migrants trying to cross the U.S. border.
U.S. manufacturers said the tariff, set to take effect June 10, would have devastating consequences on them and American consumers. U.S. stocks tumbled on Wall Street in response to Trump’s planned action.