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Trump goes to trade war with Mexico

President wants 20% tax on imports — stock market unruffled

President Donald Trump wants a 20 percent tax on imports from Mexico, according to his press secretary, Sean Spicer, speaking today (January 26). The charge could bring in $10 billion a year and pay for the wall that Trump wants completed along the border.

The declaration came the same day Trump signed an executive order launching completion of the wall, vowing that Mexico will pay for it, as he said throughout the campaign. The president of Mexico canceled a planned meeting with Trump.

Economists dislike trade wars; they have a bad record in history. The stock market did little today, although stocks of two of the largest companies bringing products from Mexico plunged: Ford was down 3.21 percent and General Motors was down 1.97 percent.

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President Donald Trump wants a 20 percent tax on imports from Mexico, according to his press secretary, Sean Spicer, speaking today (January 26). The charge could bring in $10 billion a year and pay for the wall that Trump wants completed along the border.

The declaration came the same day Trump signed an executive order launching completion of the wall, vowing that Mexico will pay for it, as he said throughout the campaign. The president of Mexico canceled a planned meeting with Trump.

Economists dislike trade wars; they have a bad record in history. The stock market did little today, although stocks of two of the largest companies bringing products from Mexico plunged: Ford was down 3.21 percent and General Motors was down 1.97 percent.

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Comments
17

I'm fairly convinced that the Trumpster won't hire union workers to build his wall. So I guess he'll be trolling the Home Depot for lose labor ....

Jan. 26, 2017

MichaelValentine: I, too, doubt that Trump will hire unionized workers for building the wall (if current plans ever go through.) It would be an ideological decision and a political one. Trump doesn't think he got union workers' support in the election. Actually, he probably got more than he realizes. Best, Don Bauder

Jan. 26, 2017

He knows he did. Labor unions, on top of being wrong about so many other things, believe that repealing NAFTA will bring this tide of good-paying union manufacturing jobs back to the US and good days will be here again!

Jan. 27, 2017

jnojr: Dream on. Best, Don Bauder

Jan. 27, 2017

DOES TRUMP WANT TO DESTROY MEXICAN ECONOMY AND HURT THE AMERICAN ONE? The proposal by the White House -- call it "America First" -- would destroy the Mexican economy. That would mean more illegal immigrants would flow in, no matter how tall the wall. The proposal would have "disastrous consequences for workers and consumers in both countries," comments the New York Times.

NAFTA would have to be tossed out. This would disrupt the flow of goods from Mexico. Think how much Mexican fruits and vegetables would cost in the U.S. It would hurt American companies, such as the auto companies. Higher prices would be paid by American consumers.

Trump and those in his party are working on a "border-adjusted tax." The Mexican threat (which the White House quickly said was only an idea -- typical of Trump pronouncements that are walked back quickly -- will be deleterious all the way around. Best, Don Bauder

Jan. 26, 2017

Remove the Malik post.

Jan. 26, 2017

Deleted.

Jan. 27, 2017

MONITOR: Please remove the Sumera Malik post. It is still there. Best, Don Bauder

Jan. 27, 2017

WHO IS GOING TO PAY FOR THE WALL? Trump claims that the 20 percent tax on imports will force the Mexicans to pay for the wall. Huh? A 20 percent tax on imports would fall on American consumers who buy the imports, or, if competition keeps prices from being raised, it would fall on company owners, mostly American. Best, Don Bauder

Jan. 27, 2017

the ultimate plan is to get the Mexican politicos to take care of their citizens so they won't flee here, right ?

Jan. 27, 2017

Murphyjunk: How do you take care of your citizenry when your country is broke? Best, Don Bauder

Jan. 27, 2017

lots of money in the pockets of politicos and narcos there. the people of Mexico have been treated like serfs for decades.

Jan. 27, 2017

Murphyjunk: No doubt about it: the Mexican drug gangs have lots of money, and they launder it through the U.S. and other countries. But wealth of the drug gangs doesn't help the average Mexican. Best, Don Bauder

Jan. 27, 2017

The stock market didn't blip because everyone knows this isn't going to happen.

Jan. 27, 2017

jnojr: I agree. Wall Street knows it won't happen. But Wall Street should be worried about a president who continuously throws out unworkable, unconstitutional, illegal schemes, then has to walk them back the next morning. Best, Don Bauder

Jan. 27, 2017

Nothing on the march? Congratulations, you guys just became officially irrelevant.

Jan. 28, 2017

JohnERangel: My problem is that I always think about economic consequences of a political action. If you must know, I watched the marches on TV, and told people we were seeing history being made. My wife traveled three hours to march in one. But it never occurred to me to send in anything to the Reader. Best, Don Bauder

Jan. 28, 2017

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