I picture Larry Kudlow waking up to a dozen or so texts from his friends in the business and investing community like “LARRY WTF? MEXICO TARIFFS? IS HE AN IDIOT??? WTF R U GUYS DOING?”
And then poor Larry having to check Twitter to find out that his boss, the President of the United States, just impulsively decided to throw the economy of North America into a recession over the border fantasies being whispered into his ear by one racist psycho or another.
President Trump said Thursday that he would impose a 5 percent tariff on all imported goods from Mexico beginning June 10, a tax that would “gradually increase” until the flow of undocumented immigrants across the border stopped.
The announcement, which Mr. Trump made on his Twitter feed, said the tariffs would be in place “until such time as illegal migrants coming through Mexico, and into our Country, STOP.”
In a presidential statement that followed, he said that tariffs would be raised to 10 percent on July 1 “if the crisis persists,” and then by an additional 5 percent each month for three months. They would remain at 25 percent until Mexico acted, he said.
I go back and forth – sometimes I think obviously, senile and then other times I think, no, this is just stupidity. I don’t know. Today feels like the latter…
Anyway, over the last 25 years, as trade across the North American continent has flourished, our supply chains, business climate and overall economic wellbeing has