By Asher Stockler | News Week |
President Trump’s threatened tariffs on goods imported from Mexico could end up costing U.S. consumers $17 billion or more, according to an analysis released by the Chamber of Commerce, the nation’s largest business advocacy group.
The chamber, which is lobbying heavily against the tariffs and is considering a suit to block their implementation, compiled data from the Commerce Department showing that in 2018, the U.S. imported around $350 billion worth of Mexican goods.
President Trump announced on Twitter Thursday that his administration would begin to impose a 5 percent tax on these imports, on national security grounds, starting on June 10.
“The Tariff will gradually increase until the Illegal Immigration problem is remedied,” the president wrote.