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Trump's tariff threat on Mexico rattles Wall Street


Added 05-31-19 11:03:02am EST - “U.S. stocks fell broadly on Friday, hit by fears that President Donald Trump” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Trump's tariff threat on Mexico rattles Wall Street”. Below is an excerpt from the article.

(Reuters) - U.S. stocks fell broadly on Friday, hit by fears that President Donald Trump’s shock threat of tariffs on Mexico could prove the trigger that pushes the world’s largest economy into recession.

Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped, Trump tweeted later on Thursday. Mexican President Andres Manuel Lopez Obrador said he would respond with “great prudence”.

“It is a very sticky situation,” said Art Hogan, chief market strategist at National Securities in New York.

“American companies needed to find supply chains outside of China when it looked like the (U.S.-China) trade deal is going to take much longer and one of those countries that was pointed to outside the Pacific was Mexico.”

Wall Street is on course for a fall of more than 6.5% in May, its worst performance this year and the trigger for a flood of money into the bond market that has encouraged expectations of a U.S. recession.

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