President Trump is doubling down on his threat to impose new trade tariffs on Mexico. On Sunday, he tweeted "the problem is that Mexico is an abuser of the United States, taking but never giving." Last week, the president announced an initial five percent tariff on all imports from Mexico, if the country does not stop illegal immigration to the U.S. The first round of tariffs is due to take effect June 10. I joined CBS This Morning to discuss how this could affect American consumers and businesses.
On Thursday night, President Trump reignited the trade conflict with Mexico. You may be thinking, “Wait, didn’t he repeal the steel and aluminum tariffs two weeks ago, and didn’t the White House just submit to Congress the revised NAFTA deal, now known as the United States-Mexico-Canada Agreement, or USMCA?
A surprise move by the president to impose tariffs on Mexico could impact billions of dollars of goods. The auto industry would take the biggest hit. Weijia Jiang reports and I make an appearance.
Efforts to overhaul the NAFTA free trade agreement are entering a critical new phase. President Trump and his outgoing Mexican counterpart announced a preliminary deal to replace the trade agreement for three North American countries. Stocks hit record highs, even though Mr. Trump threatened to place tariffs on Canadian-made cars if Canada does not reach a deal. I joined CBS This Morning to break down the deal and discuss the possible impact.
At 12:01am Friday morning, the U.S. imposed previously announced tariffs on the European Union, Canada and Mexico. When the plan was unveiled back in March, the three regions were given a reprieve. The hope was that during a cooling off period, the U.S. would be able to convince the three to restrict metal shipments, as it had been able to do with South Korea, Brazil, Australia and Argentina.
Mexico, Canada and the European Union are vowing to retaliate against the U.S. for new tariffs on imported steel and aluminum. The Trump administration's 10 percent tariff on aluminum and 25 percent on steel took effect today. I joined "CBS This Morning" to discuss the impact on consumers.
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