Dow Futures Slip 220 Points as Trump Flexes Muscle with Mexico Tariffs
Dow futures fell sharply late Thursday after President Donald Trump announced new tariffs on imported goods from Mexico. | Source: Shutterstock
By CCN: Dow Futures slipped 220 points late Thursday after Donald Trump threatened to levy 5% tariffs on all imports from Mexico by June 10. The tariffs will rise in gradual increments to 25% by October 2019. They’ll remain in effect until further notice.
Dow futures drop 220 points after Trump says he will impose 5% tariffs on Mexican imports
— CNBC Futures Now (@CNBCFuturesNow) May 31, 2019
Trump announced the new tariffs hours after teasing a “major statement on the border sometime today or tomorrow.” When pressed by reporters he said:
“It will be a statement having to do with the border and having to do with people illegally coming over the border, and it will be my biggest statement so far on the border.”
President Trump: “We’re going to be having a major statement on the border sometime later today or tomorrow.” pic.twitter.com/NUns5aNQE1
— The Hill (@thehill) May 30, 2019
The president tweeted the Mexico tariff announcement hours later and said the new tariff will gradually increase until Mexico stems the tide of illegal immigrants.
There has been a recent swell of migrants at the U.S. southern border, including 1,000 apprehended on Wednesday by the U.S. border patrol.
….at which time the Tariffs will be removed. Details from the White House to follow.
— Donald J. Trump (@realDonaldTrump) May 30, 2019
Mexico Tariffs Send Dow Futures Reeling
Dow futures immediately fell off over fears of the economic fallout from a new front in Donald Trump’s trade war.