Posted on 06/01/2019 3:24:53 AM PDT by reaganaut1
...
Only months ago Mr. Trump signed a new trade pact with Mexico and Canada to replace Nafta. The deal reassured financial markets. But now he whacks Mexico with unilateral tariffs that violate Nafta and World Trade Organization (WTO) rules. Other national leaders can be forgiven for concluding that any trade deal with Mr. Trump is subject to revision on his personal political whim.
The tariffs could also complicate passage of the new U.S.-Mexico-Canada deal in Congress. Mr. Trump is invoking a 1977 statute—the International Emergency Economic Powers Act—to impose the tariffs after declaring an emergency. The Congressional Research Service says the law has never been invoked for tariffs. “This is a misuse of presidential tariff authority and counter to congressional intent,” Senate Finance Chairman Chuck Grassley said Friday.
If the tariffs are imposed, the economic damage could be considerable. Mexico exported $371 billion to the U.S. in 2018, and it is now our largest trading partner. A 25% tariff would impose costs of some $90 billion a year. Mexico may suffer the most, which could perversely drive more illegal migrants to the U.S., but America would also be a loser.
Mr. Trump, in his Fortress America mind, says businesses could merely move to the U.S. to avoid the tariffs. But that would impose enormous transition costs and take years to execute. Many exporters would move out of North America. Meantime, Texas imported $107 billion in goods from Mexico in 2018, and a 5% tariff would impose a $5.4 billion tax. A 25% tariff would mean $27 billion in border taxes.
All of this arrives at a moment when global trade has been growing more slowly amid rising trade tension. The WTO said in April it expects global trade volume to grow by a mere 2.6% this year
(Excerpt) Read more at wsj.com ...
Free Traitor alert!
Grassley is becoming a problem.
My response to Grassley is do your job!
It must be a great deal for South American dictators to get to export their poverty to America and get rewarded in the form of remittances for their efforts.
The best part is when you send out your blood sucking parasites to the host body you get to sit back and watch governing body’s world wide criticize the host as not being receptive enough.
Or simply ask him whose side are you on?
The WSJ free traitors love the invasion.
Cheaper maids and gardeners to exploit.
Yes, as do Romney supporters from New England.
Grassly is a mother f*cker.
Thank you Mr President for this bold and courageous action!
It is time for Grassley to retire.
Or Mexico could control its border. Seems a lot easier.
What does the President need to do to prove he wants the border under control? I feel he sees the feckless Congress not willing to do anything and only his use of executive order and applying established law in a manner that has ‘never been invoked like this’.
I feel the entire border issue has devolved into a disaster for everyone. Either Trump has ZERO support on this matter or it is a campaign ploy for 2020 to not resolve it now.
I fear the latter is much closer to the truth - it won’t be resolved.
It hadn't been ratified by Congress so going back to the drawing board means nothing is really lost.
Our congressional enemies (Ds and Rs) have a vested interest in denying DJT a border victory. Rolling into election day 2020 there will be no border wall and continued chaos down South. This is what congress is intentionally doing to Trump. Remember always, they hate MAGA and us.
All Mexico has to do is enforce their own borders and immigration laws and stop acting as a willing conduit to allow these caravans of invaders to pass through Mexico.
Congress needs to change our laws and provide the budget to defend them. The Rats and Rinos own this problem and have forced Trump
and the people to do everything in their power to stop the invasion.
The media is so lame. President Trump hits. President Trump slaps. All this to describe a tariff. So my question is what happened in the Friday emergency meeting?
The President is on the right track. I do think he should place a tax on the remittances Mexicans here send back to Mexico and there would be less noise from the opposition.
There all corrupt.....they go there to get rich and tell us how to live
I think we would be better of if someone dropped the big bomb on DC
While Trump is out of town...
The President lacks the authority to implement a tax.
The remittances of which you speak are in reality no difference than routine cash transfers between Mexican and American banks or between say British and American banks.
Further, Although Western Union is the primary conduit, any Mexican and American can go into the business very easily. All it takes is a fax machine or now a days an e mail ability. I receive the cash. I advise my contact in Mexico, my cousin or uncle, he pays the designated receiver.
Once a month or so, I transmit all the collected money to my cousin and settle the account. It is very easy
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