Top officials from the U.S. and Mexico will begin talks Monday in a scramble to fend off President Donald Trump’s threat of devastating tariffs on imports from the southern ally and meet his demand for fewer migrants at the border.
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.’
Even though President Donald Trump held fire earlier this month on auto tariffs that have the potential to further roil Europe’s struggling economy, a litany of domestic dilemmas on both sides of the Atlantic threaten to frustrate efforts at a trade pact before they’ve even begun.
The U.S. has gotten rid of its steel and aluminum tariffs on Mexican and Canadian exports, signaling a rebirth of negotiations for a new free trade deal between the three countries to replace the North American Free Trade Agreement (NAFTA).
China is running out of options to hit back at the United States without hurting its own interests, as Washington intensifies pressure on Beijing to correct trade imbalances in a challenge to China’s state-led economic model.
President Trump promised a deal with China will come “when the time is right” Tuesday, calling the current atmosphere of mistrust between the two countries, which has produced an increase in tariffs on both nations’ goods, “a little squabble.”
The White House took a step Monday toward placing new tariffs on $300 billion of Chinese goods by submitting the proposal for public comment.
China on Monday said it would retaliate against the US by raising the tariff rates on thousands of American products, days after the US expanded duties on Chinese goods as trade negotiations stalled.
President Donald Trump said on Monday that his administration was planning to provide about $15 billion in aid to help U.S. farmers whose products may be targeted with tariffs by China in a deepening trade war.
U.S. President Donald Trump said on Monday he would meet Chinese President Xi Jinping next month as the trade war between the world’s two largest economies intensified, sending shivers through global markets.
U.S. President Donald Trump on Friday ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China, underscoring a lack of progress by U.S. and Chinese negotiators in talks aimed at ending an escalating trade war.
Trade talks between the U.S. and China are expected to continue on into Friday despite the Trump administration’s plans to hike tariffs on virtually all Chinese goods to 25% at midnight Thursday. The extension indicates the sides still think they can reach an agreement, even after missing Thursday’s deadline.
President Donald Trump said on Wednesday that China ‘broke the deal’ in trade talks with Washington and would face stiff tariffs if no agreement is reached.
President Donald Trump’s trade deal with Canada and Mexico have hit roadblocks in Congress, with a key Republican calling for an end to tariffs on the countries while the Democrats demanded stronger worker protection language.
President Donald Trump raised pressure on China with a threat to hike tariffs on $200 billion worth of Chinese goods in a tweet that sent global financial markets swooning on Monday.
The EU has hit back at new U.S. proposals to target European goods with tariffs, following a World Trade Organization (WTO) ruling over subsidies for Airbus.
President Donald Trump says the United States will impose new tariffs on more than $11 billion worth of exports from the European Union, after the World Trade Organization ruled last year the EU was illegally subsidizing aircraft maker Airbus.
More than six months after the United States, Mexico and Canada agreed a new deal to govern more than $1 trillion in regional trade, the chances of the countries ratifying the pact this year are receding.
The U.S. auto industry, which risked losing access to Mexican suppliers if President Trump closed the southern border, received scant comfort when he walked back the threat in favor of tacking tariffs onto vehicles and parts.