BUSINESS/CONGRESS/MEXICO/TARIFFS/TRUMP AS PRESIDENT: “U.S. business groups warned President Donald Trump on Friday [6-7-19] that he risks losing his chance of achieving a major trade victory in Congress if he follows through on a plan to impose a 5 percent tariff on all Mexican goods starting Monday [6-10-19]. The U.S. Chamber of Commerce has been vocally opposed to Trump’s tariff plan since he announced it last week before heading to Europe. The business group estimates a 5 percent tariff on the approximately $350 billion worth of imports from Mexico would cost business about $17 billion in new taxes. If Trump follows through on plans to ratchet the tariff up to 25 percent over the next several months, that would increase the tax bill to $86 billion. Now, the group is joining forces with other organizations to highlight how such a move also jeopardizes congressional approval of the new U.S.-Mexico-Canada Agreement…The signatories include some of the most visible lobbying groups and trade associations in Washington, including the American Farm Bureau Federation, the Business Roundtable and the National Retail Federation.”
–Doug Palmer, “Business groups warn tariffs imperil Trump’s USMCA trade deal,” Politico, June 7, 2019 4:55 pm