'Not nearly enough' progress was made in a discussion between Vice President Mike Pence and Mexican Foreign Minister Marcelo Ebrard Wednesday, according to President Trump, who decided last month to place a 5% trade tariff on all Mexican goods entering the US until Mexico stems the tide of migrants coming through its northern border.
Mexican and U.S. officials are set to resume talks in Washington on Thursday aimed at averting an imposition of tariffs on Mexican goods, with President Donald Trump saying 'not enough' progress on ways to curb migration was made when the two sides met on Wednesday.
US stocks fell sharply on Friday after the Trump administration threatened tariffs on all imports from Mexico if the country did not do more to reduce illegal crossings at the southern US border. China's confirmation that it has planned out how to restrict America's supply of critical rare-earth metals, and a decline in Chinese manufacturing in May, also weighed on markets.
President Trump on Thursday abruptly announced a new 5 percent tariff on Mexico beginning in early June, saying the levy will 'gradually increase' until the ongoing illegal immigration surge at the southern border is "remedied" and illegal migrants 'STOP.'