Trump Says He Likes Extension of 25% Tariff Rate on Mexico
President Donald Trump declined to put a new date on when immigration/fentanyl tariffs of 25% on Mexico would go up to 30%. Back on July 31, he said they would keep tariffs at the same rate through Oct. 29, as the two sides spoke about Mexico ending its non-tariff trade barriers.
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When asked how long this delay would last as he traveled in Asia on Air Force One, he said, "Well, I like the extension with Mexico. We're getting a lot of tariffs. They're paying a lot of money."
Although the majority of Mexican exports are exempt from the emergency tariffs, under a carve-out for USMCA-qualifying goods, there are 25% tariffs on Mexican cars and trucks, and 50% tariffs on Mexican steel and aluminum, even if they meet USMCA rules of origin.
"As you know, a lot of car companies are moving from Mexico back into the United States," Trump continued. "We lost about 57% of our automobile manufacturing over the decades, and it's all coming back because of tariffs."