Trump's threatened 20% Mexico import tax may benefit oilpatch

Mexico's Economy Secretary Ildefonso Guajardo Villarreal listens as Mexico's President Enrique Pena Nieto
Trump's threatened 20% Mexico import tax may benefit oilpatch
Author

29 January, 2017

White House spokesman Sean Spicer said this week that one leading option is to siphon money from the House GOP's plans to impose a border adjustment tax, which would impose a 20 percent tax on imports as part of a broad corporate tax overhaul.

Later in the day, Trump contemplated introducing a 20% import tax for products from Mexico to pay for The Wall.

Trump then reiterated the call for Mexico to foot the bill.

Donald Trump has threatened to cancel his upcoming meeting with Mexico's president over the country's refusal to pay for his border wall.

Current President of Mexico Enrique Peña Nieto has come under scrutiny in recent times over his relationship with Donald Trump with many accusing him of cosying up to the new American President.

"A nation without borders is not a nation", Trump said, echoing former President Ronald Reagan, as he visited the Department of Homeland Security to sign two executive orders.

President Donald Trump has ordered work to begin on building a wall along the Mexican border, but admits it will be funded with U.S. taxpayer dollars.

Mexican officials highlighted their cooperation with US authorities on drug trafficking and the flow of Central Americans to the United States through Mexico.

US President Donald Trump wants NAFTA renegotiated
KEVIN LAMARQUE REUTERS US President Donald Trump wants NAFTA renegotiated

In 2017, the U.S.is expected to get about 80% of its avocado supply from its southern neighbor, according to Tom Bellamore, president of the California Avocado Commission.

Earlier, Trump had said that if Mexico was not going to pay for the wall, there was no use of the two presidents meeting next week as scheduled.

Mexican billionaire Carlos Slim said Friday in a press conference that "surely, President Pena Nieto knows he has the country's support".

The rift between the neighbours and trade partners has deepened just days into Mr Trump's presidency.

Trump tweeted: "The US has a 60 billion dollar trade deficit with Mexico".

The timing caused outrage in Mexico, with prominent politicians and many on social media seeing at as a deliberate snub to the government's efforts to engage with Trump, who has for months used Mexico as a political punching bag.

"Unless Mexico is going to treat the United States fairly - with respect - such a meeting would be fruitless".

Trump has also sent tremors through the Mexican economy by vowing to renegotiate the North American Free Trade Agreement - involving the United States, Mexico and Canada - and tax imports to the United States.

Hundreds march in Philadelphia to protest Trump, his plans
Trump has said he wants to wait for his Health and Human Services nominee Tom Price to be confirmed, so that he can weigh in. Lawmakers also plan to move quickly on a broad rewrite of the tax code that is expected to include deep cuts in tax rates.

Google's 'Save The Date' Site Reveals The Google I/O Dates
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