So..another episode of 'Tariffs..on again, off again'?
Stock prices will tank..Trump cronies will buy, and in a few days Trump will change his mind again.
Stock prices will rise, Trump cronies will sell and bank their profits.
A few weeks later..rinse and repeat~
www.nbcnews.com
President Donald Trump on Saturday threatened a significant tariff hike on the European Union and Mexico, two of the largest U.S. trade partners.
In separate letters published on his social media platform, Truth Social, Trump wrote that each country will face a blanket tariff rate of 30% on all goods exported to the U.S. starting Aug. 1.
Trump threatened even higher tariffs if either the E.U. or Mexico retaliate against his new levy.
Writing to Mexico's president, Trump also focused on border security, saying that "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough."
"Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground," he added.
Trump has spent the past week bringing his trade war back to a roaring boil. He kicked it off by issuing dozens of letters announcing unilateral tariffs, then said he planned to impose 50% duties on copper goods, sending prices of the raw metal to all-time highs. Late Thursday, he announced he would apply a blanket tariff of up to 20% on all imports, as well as a 35% tariff to some, and perhaps all, Canadian imports starting next month.
The letters come as the many trade deals that Trump administration officials had said would be signed have failed to materialize, leaving Trump with little to show for weeks of negotiations.
While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.
Stock prices will tank..Trump cronies will buy, and in a few days Trump will change his mind again.
Stock prices will rise, Trump cronies will sell and bank their profits.
A few weeks later..rinse and repeat~
Trump says he will hit E.U. and Mexico with 30% tariff
The 30% rate for the European Union is 10 percentage points higher than Trump promised on "Liberation Day."
www.nbcnews.com
President Donald Trump on Saturday threatened a significant tariff hike on the European Union and Mexico, two of the largest U.S. trade partners.
In separate letters published on his social media platform, Truth Social, Trump wrote that each country will face a blanket tariff rate of 30% on all goods exported to the U.S. starting Aug. 1.
Trump threatened even higher tariffs if either the E.U. or Mexico retaliate against his new levy.
Writing to Mexico's president, Trump also focused on border security, saying that "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough."
"Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground," he added.
Trump has spent the past week bringing his trade war back to a roaring boil. He kicked it off by issuing dozens of letters announcing unilateral tariffs, then said he planned to impose 50% duties on copper goods, sending prices of the raw metal to all-time highs. Late Thursday, he announced he would apply a blanket tariff of up to 20% on all imports, as well as a 35% tariff to some, and perhaps all, Canadian imports starting next month.
The letters come as the many trade deals that Trump administration officials had said would be signed have failed to materialize, leaving Trump with little to show for weeks of negotiations.
While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.
