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.