(President announces increased tariffs)…They are to be imposed on Mexican goods.
President Donald Trump said the action is to get Mexico to implement their own immigration laws to help curb an unprecedented flow of Central American families heading across Mexico to the United States. The President said a five percent tariff on imports will be imposed on June 10th and increase five percentage points every first of the month until October, when the levy would reach 25%. The President said tariffs would remain at the 25% level unless and until Mexico substantially stops the illegal flow of aliens coming through its territory. The US Chamber of Commerce says imposing tariffs on goods from Mexico is exactly the wrong move, They said the tariffs will be paid by American families and businesses without doing a thing to solve the very real problems at the border. The tariffs are expected to increase the cost of imported vehicles by 4%. The price for agricultural products imported from Mexico would also go up substantially.