Mexico confident of deal with United States to stave off tariffs over migrants

Trump Puts Tariffs on Mexico Until Illegal Immigration is Stopped

The threat roiled global markets, already being hit by a trade war between the United States and China.

Chipotle shares fell as much as 1.9 per cent in early trading Monday. "Over the past year, trade disputes with Mexico and China have cost hard-working USA pork producers and their families about $2.5 billion".

The number of ports of entry for returnees under the so-called Remain in Mexico policy has gradually increased, and policy experts say it could be expanded to more cities.

Trump claims Mexico has taken advantage of the United States for decades but that the abuse will end when he slaps tariffs on Mexican imports next week in a dispute over illegal immigration. Imports from Mexico can be found in nearly every part of the U.S. economy. "And I think the president knows that and I don't think he'll do it".

On Monday, Mexican Economy Minister Graciela Marquez plans talks with Commerce Secretary Wilbur Ross.

A major Mexican delegation led by Foreign Minister Marcelo Ebrard will discuss the dispute with US officials in Washington on Wednesday, and Lopez Obrador said he expected "good results" from the talks, and for a deal to emerge.

"This is a misuse of presidential tariff authority and counter to congressional intent", Senate Finance Chairman Chuck Grassley, a Republican from Iowa, has said. Previously, the economists had estimated a 25% likelihood of auto tariffs being imposed.

Economists and business groups are sounding alarms over the tariffs, warning that they will impair trade and increase the costs of many Mexican goods that Americans have come to rely on. The Trump administration said it was imposing tariffs on steel and aluminum to strengthen USA national security, but critics argue that the approach strains relationships with allies that are far more important to US defense.

"Mexico is sending a big delegation to talk about the Border", the president tweeted Sunday.

Mexican President Andres Manuel Lopez Obrador said that he was confident a deal to avoid tariffs would come out of the talks that could last the whole week. When the United States is attacked from a hostile foreign power, it must strike back.

In a series of tweets on Sunday, Trump extended his demands on Mexico beyond immigration, demanding it stopped an "invasion" of drug dealers and cartels.

Federer, Nadal reach French Open quarters
The unseeded Czech, ranked 38th, overcame a tame effort from Latvian 12th seed Sevastova, winning 6-2, 6-0 in only 59 minutes. Ruud, 20, is coached by his father Christian, who was in the draw here 20 years ago when Federer made his Grand Slam debut.

According to Citi calculations, Mexican GDP losses could range from 0.9% with a 5% tariff to a whopping 4.6% with a 25% tariff, while retaliation would mean a far more modest 0.04% to 0.4% less growth in US respectively. The move looks to serve as punishment to Mexico for effectively letting refugees transit its borders to seek asylum in the United States.

Mexico's economy, which is heavily reliant on exports to the United States, shrank in the first quarter, and would suffer a lot more if Mr Trump were to jack tariffs up all the way to 25 per cent. Those tariffs are set to increase to 10% on July 1 and will continue increasing by 5% until Mexico addresses the immigration matter.

Mexico on June 5, 2018 imposed tariffs of up to 25% on American steel, pork, cheese, apples, potatoes and bourbon, in retaliation for U.S. tariffs on Mexican metals.

USA stock index futures fell on Monday as the multi-front trade war made investors increasingly risk averse and fueled worries of a recession.

President Donald Trump blasted Mexico for taking advantage of their relationship with the USA on Twitter and called on the Democrats to act on addressing the immigration crisis at the southern border.

He will according to BBC spend three days in the United Kingdom along with first lady Melania Trump.

Mexico has signalled it would retaliate against the tariffs, with targets likely to include farm products on states supporting Mr Trump. "They can do it if they want!" he wrote.

Mexican officials have traveled to meet their US counterparts in Washington.

"Slapping tariffs, along with the decision to cancel aid programs in the northern Central American countries, could have a counterproductive effect and would not reduce migration flows", he said.

Goldman Sachs' economists cut their chances that the new USMCA trade agreement - which needs to be passed by the three countries - will be ratified this year to 35% from 60% previously.

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