UPDATED 10:54 AM PT — Friday, May 31, 2019
White House trade adviser Peter Navarro is encouraging investors to “calmly assess” the Trump administration’s new tariffs against Mexico. In an interview Friday, he attempted to calm fears about the impact the five-percent import duties will have on U.S. consumers and the economy.
Thursday’s tariff announcement came as a surprise to Wall Street, sending markets sharply lower as a result. However, Navarro said there should be “no surprise” that President Trump is taking a firm stance against Mexico.
“This is actually a brilliant move by the president to get Mexico’s attention to get them to help us, because, so far, they’ve just been standing by and they really have the power to help…the two institutions that have the power to help us is the Mexican government and the Congress,” explained Navarro. “Congress has done nothing, the Mexican government can really help us here — that’s what we’re really asking them to do.”
The U.S. trade adviser also said the tariffs have the potential to rise as high as 25-percent. unless Mexico makes substantial changes to stop the flow of illegal immigrants traveling through the country to the U.S.