Tariffs To Be Imposed On All Mexican Goods In Attempt To Stem The Tide Of Undocumented Persons Crossing The Border Into The United States
On the evening of May 30, President Trump announced in a tweet that “. . . the United States will impose a 5% Tariff on all goods coming into our County from Mexico, Until such time as illegal migrants coming through Mexico, and into our Country, STOP. The Tariff will gradually increase until the immigration problem is remedied.”
In a statement made following the tweet, the President announced that if Mexico does not act and the crisis persists, tariffs will be increased monthly according to the following schedule:
- 5% on June 10
- 10% on July 1
- 15% on August 1
- 20% on September 1
- 25% on October 1.
The 25% tariff will remain in effect until Mexico substantially limits the flow of aliens going through its country to the United States. The President is exercising his authority under the Emergency Economic Powers Act of 1977 so the tariffs may be implemented quickly. A Federal Register notice providing additional detail is expected to be published before the tariffs are effected.
News & Insights
The International Chamber of Commerce (“ICC”) periodically publishes trade terms for domestic and international use in business contracts for the sale and purchase of goods. They are updated approximately every 10 years. The last revision was issued in 2010, and
As the USMCA’s entry into force nears, U.S. importers and exporters who have been making NAFTA claims or issuing NAFTA Certificates of Origin should become familiar with the provisions that will remain essentially the same under the USMCA as well