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.

After Backlash, USDA Lifts Gag-Order On Taxpayer-Funded Research
A disruption in the chain of information could represent a critical roadblock for producers. Sonny Perdue of Georgia, is also a critic of science-based climate change research.

Rio Tinto sells Australian coal unit to China's Yancoal for $3.2b
The acquisition of the Rio coal assets in the Hunter Valley makes Yancoal Australia's largest pure-play coal producer. Yancoal intends to fund the acquisition through a capital raising and pro-rata entitlement offer of shares.

Germany's Social Democrats nominate Schulz as chancellor candidate
The shake-up comes as the centre-left Social Democrats scramble to pick a strong candidate for Chancellor. The party is expected to formally decide on Schulz's candidacy for chancellor in the near future.


More news


  • Australia PM Turnbull says no to national day date change

    Australia PM Turnbull says no to national day date change

    I respect people's right to mourn and even to claim that Australia Day celebrations are causing them grief, insult, and suffering. Early this morning, hundreds gathered at Sydney's Barangaroo Reserve for a smoking ceremony performed by Aboriginal dancers.

    Real can't hide from harsh Celta reality

    Real are in Vigo trailing 2-1 from the first-leg. 'Maybe if we played a few more minutes we could have won it. It was the 62nd minute when Real Madrid equalized, courtesy of a direct free-kick by Cristiano Ronaldo.
    Trump talked to husband of slain Orlando officer

    Trump talked to husband of slain Orlando officer

    The judge said Thursday that Loyd would have a hearing in one week to determine counsel for him in the case over Dixon's death. As Clayton was on the radio with the dispatcher, three gunshots could be heard and the call went dead, investigators said.
  • Defector says North Korean regime is crumbling

    The U.S. imposed sanctions July 6, 2016, on North Korean leader Kim Jong Un and 10 other top officials for human rights abuses. Earlier in January, Thae said that a large number of high-level North Korean diplomats were eager to defect to South Korea.
    United States  military denies coordinating Syria air strikes with

    United States military denies coordinating Syria air strikes with

    Syrian President Bashar al-Assad apparently would not be considered as a partner in the fight against Dash. Russia's Defense Ministry also says six Russian long-ranger bombers struck ISIS positions in eastern Syria.
    Snow, sleet and freezing rain forecast for parts of Vermont

    Snow, sleet and freezing rain forecast for parts of Vermont

    Snowfall amounts of six or more inches will be possible across much of the region, including the Sioux Falls area. Snow could continue through Tuesday afternoon.
  • Three Spurs youngsters who should face Wycombe

    Three Spurs youngsters who should face Wycombe

    It is the oldest competition in the world and the teams and people try to win to lift the trophy. It was hard to stop them, they showed more desire and quality on the pitch.

    Roger Federer produces wonderful backhand victor against Kei Nishikori

    Federer was unfazed with the situation and he pulled back and came back strong, but he eventually lost the set in a tie-break 6-7. Former victor Stan Wawrinka needed three tiebreak sets to overcome Italy's Andreas Seppi and reach the quarter-finals.
    Trump's son-in-law cleared to be adviser

    Trump's son-in-law cleared to be adviser

    Asked if he would like Costa to sign a new contract, Conte said: "Now is better to be focused on the present, not the future". Koffsky said the statute governing a president's ability to independently hire staffers overrides the federal law .
  • Mike Krzyzewski Reportedly Banned Players from Locker Room Due to Struggles

    Mike Krzyzewski Reportedly Banned Players from Locker Room Due to Struggles

    The loss to NC State, in which Duke blew a late lead, happened to be their first loss at home to the Wolfpack since 1995. Mike Krzyzewski isn't a happy man, and made a decision to take out some of his frustrations on Duke players.

    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.

    James Bree: Barnsley starlet set to join Aston Villa

    Basel had expected to lose the 28-year-old last summer after his fine performances at Euro 2016 with Iceland. The Sun claim that Bruce has seen off a host of Premier League opposition to lure Bree to Villa Park.