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Business & Economy

Businesses warn Trump of consequences of new Mexican tariffs

WASHINGTON (AP) — Despite pushback from U.S. business, Mexico and Capitol Hill, President Donald Trump doubled down Friday on his threat to slap a 5% tariff on Mexican imports unless America’s southern neighbor cracks down on Central American migrants trying to cross the U.S. border.

U.S. manufacturers said the tariff, set to take effect June 10, would have devastating consequences on them and American consumers. U.S. stocks tumbled on Wall Street in response to Trump’s planned action.

As Trump threatens tariffs, migrant families keep coming

EL PASO, Texas (AP) — On Wednesday, Border Patrol agents near downtown El Paso encountered a group of 1,036 migrants who had entered the country illegally — the biggest cluster the agency has ever seen. At one point in May, a holding cell designed for 35 migrants was crammed with 155. Six children have died in U.S. custody since September, three in the past month.

China warns Canada of ‘consequences’ of helping US

BEIJING (AP) — China warned Canada that it needs to be aware of the consequences of aiding the U.S. in an extradition case involving Chinese tech giant Huawei that is believed to have sparked the detentions of two Canadians in China.

Foreign ministry spokesman Geng Shuang’s comments came after U.S. Vice President Mike Pence and Canadian Prime Minister Justin Trudeau called for the release of Michael Kovrig and Michael Spavor.

Trump’s tariff plan shows the risks he’s willing to take

WASHINGTON (AP) — Exasperated by reports of a flood of illegal border crossings, President Donald Trump summoned his top immigration advisers to demand action. Responding to his mounting concern, including his extreme threats to entirely close the U.S.-Mexico border, they prepared an alternative but still-inflammatory plan to levy escalating tariffs on all Mexican imports to the United States.

US companies are in line of fire of tariffs aimed at Mexico

WASHINGTON (AP) — President Donald Trump’s surprise threat to impose escalating tariffs on Mexican imports jolted industry leaders throughout the U.S. economy Friday, sparked opposition even from usual Trump allies and set the stage for American consumers to face higher prices.

It also sent stock markets tumbling, with the Dow Jones industrial average closing down roughly 355 points, or 1.4%. Investors poured money instead into the safety of bonds, sending yields lower and signaling that they fear the economy will slow in the coming months.

Trump tariff threats alarm Mexico growers, economists

CULIACAN, Mexico (AP) — Tomato exporter Sergio Esquer Peiro spent much of Friday in hastily called meetings with other stunned growers, trying to evaluate the potential fallout of U.S. President Donald Trump’s threat to slap coercive tariffs on all imports from Mexico.

The sudden announcement caught observers on both sides of the border by surprise and prompted President Andrés Manuel López Obrador to dispatch his top diplomat to Washington for talks seeking to head off the proposed tariffs.

US economic growth slower at the start of 2019

30 May 2019; AFP: US economic growth at the start of 2019 was slightly slower than originally reported but remained robust despite President Donald Trump's extended government shutdown, according to new data released Thursday.

The new estimate left Trump's economic scorecard largely intact for the first three months of the year, when growth is usually slackens, and gives him a boost ahead of next year's presidential elections.

China's US tariff hike to target Condoms, perfume, wine, pianos

31 May 2019; AFP: Condoms, perfume, wine and pianos are among a cocktail of American products that will be hit by a steep increase in Chinese tariffs on Saturday as Beijing retaliates in an escalating trade war.

The move will cap a week that was marked by a heated war of words and Chinese threats to curb exports of rare earths, which are key to US tech industries, after President Donald Trump blacklisted telecom giant Huawei.

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