On May 30, 2019, President Trump announced that effective June 10, 2019, all goods imported into the U.S. from Mexico will be subject to an additional duty of 5% ad valorem. This is in addition to the regular duties which are normally applicable to the goods.
The President invoked his authority under the International Emergency Economic Powers Act to impose the tariff, stating that the measure was necessary to address the “illegal migration crisis” at the U.S. southern border. President Trump stated that if the Mexican government takes effective actions to address the issue, the tariffs will be removed. However, if the Administration is not satisfied with the efforts taken by the Mexican government and the migration issue persists, the tariffs will increase incrementally by 5% on the first of each month, beginning on July 1, 2019 and ending on October 1, 2019, when 25% is reached. Thereafter, the tariffs will remain at 25% until Mexico “substantially” addresses the migration issue. The official statement is accessible HERE
Compliments of GDLSK, a member of the EACCNY