Former President Donald Trump held a rally in North Carolina on his final day of campaigning, where he threatened to impose a 25% tariff on Mexican products if he wins the presidential election and Mexico's president fails to reduce the flow of migrants across the border.
"We're being invaded by Mexico. But now we have a new president of Mexico — And I'm going to inform her on day one or sooner that if they don't stop this onslaught of criminals and drugs coming into our country, I'm going to immediately impose a 25% tariff on everything they send into the United States of America," Trump said.
The Republican presidential candidate claimed he would raise the tariff by 25% periodically if he did not get his desired results, and went on to promise his plan had a "100% chance of working."
"If that doesn't work, I'll raise them to 50%, and if that doesn't work, I'll increase them to 75% for the tough ones, and I'll raise them to 100%," he said.
Trump also recognized Mexico as the country's top trade partner in his speech and described newly elected President Claudia Sheinbaum as a "very nice woman." However, he went on to say that Mexico is making "a fortune" and "ripping us off left and right."
Per data from the U.S. Trade Representative's Office, trade between the U.S. and Mexico totaled an estimated $855 billion in 2022.
Trump has pledged to impose tariffs on all imports, claiming this will cause more companies to do business inside the U.S. However, economists have warned that doing so could increase the cost of living for American families, as the tariffs could translate into higher product prices.
Throughout his campaign, Trump has pledged to impose tariffs on all imports, claiming this will cause more companies to do business inside the U.S. However, economists have warned that doing so could increase the cost of living for American families, as the tariffs could translate into higher product prices. Vice President Kamala Harris's campaign dubbed the measures as a "national sales tax."
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