Trump’s tariffs: Where does the money go?
The U.S. Trade Representative said Friday it will slap duties on imported goods to offset the impact of a trade war with Mexico.
The new tariffs are a sign that the Trump administration has decided that the tariffs will be the “first step” in what it hopes to do by year’s end.
Trump, who has repeatedly threatened to retaliate against Mexico and the U.K. for building a border wall and cutting a deal on a border tax, made the announcement during a visit to a United States manufacturing facility in Wilmington, Delaware.
He said that as president, he would negotiate with the North American Free Trade Agreement (NAFTA) renegotiation group in Mexico and would begin to reduce trade deficits.
The tariffs would apply to imported goods that are manufactured in Mexico, and will be applied for three years.
They would not apply to products made in the U:s.
The tariffs would not be applied to imports made from any U.s. state or territory.
The administration is trying to offset a $54 billion trade deficit with Mexico in goods and services in goods, which is expected to exceed $4 trillion over the next decade.
Trump and his administration are currently negotiating with the renegotiation groups over the border tax that could be a major driver of the trade deficit.
The border tax is part of Trump’s plan to cut $1 trillion in trade deficits over 10 years and put it into an infrastructure fund.
Trump has said that he wants to get the border wall built and to cut U. S. tariffs on cars and clothing.
Trump said that the tariff would be “a deterrent for any company or country that chooses to leave the United States,” saying that it will make U. s. manufacturing more competitive in Mexico.
The U.N. Convention on the Prevention and Punishment of the Crime of Genocide has already called on countries to enact criminal sanctions on Mexican President Enrique Pena Nieto, a former drug lord, and former leader of the country’s ruling Institutional Revolutionary Party (PRI).