Via tweet Trump tanked the markets by imposing a ‘shock tariff’ on all Mexico goods of 5%, increasing to 25% until Mexico does something to halt illegal immigration from their country.
Someone is taking the imperial presidency out for a test drive.
The China Manufacturing PMI came out tonight with a miss of estimates at 49.4.
The Treasury yield curve is doing some interesting things tonight.
The world wonders where such shock tariffs as an instrument of US policy objectives may be imposed next.
Germany better start working on a cure for male pattern baldness.
Trump to Impose Tariff as High as 25% on Mexico Over Immigration
By John Harney and Peggy Collins
May 30, 2019
President Donald Trump said that he would impose a 5% tariff on Mexican goods until that country stops immigrants from entering the U.S. illegally.
The tariff would take effect on June 10, “until such time as illegal migrants coming through Mexico, and into our country, STOP,” Trump said in a Twitter post on Thursday night.
He warned that the levy “would gradually increase until the illegal immigration problem is remedied at which time the tariff will be removed.” The tariffs could rise as high as 25% on Oct. 1, Trump said in a statement released by the White House.
“Mexico must step up and help solve this problem,” Trump said in the statement…
Read the entire story here.