Latest news with #Cartels
Yahoo
3 days ago
- Business
- Yahoo
Mexico's ‘cool-head' Trump approach tested by new tariff threat
(Bloomberg) — Mexican officials were taken aback by President Donald Trump's latest tariff threat after paying frequent visits to his top aides in Washington to convince him their efforts to fight drug trafficking were paying off. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike For months, US officials have been effusive about Mexican cooperation on issues related to the border and security. 'Very responsive,' raved Secretary of State Marco Rubio. 'Positive momentum,' Treasury Secretary Scott Bessent called it. On Saturday, Trump blasted the country's response in a letter threatening 30% tariffs. 'What Mexico has done is not enough,' he wrote. 'Mexico still has not stopped the Cartels.' Mexican President Claudia Sheinbaum called for the country to keep 'a cool head,' but a sense of exasperation swept over people involved in the US negotiations, according to people familiar with the talks. Their cordial approach suddenly seemed to have yielded little — for now. The neighboring nation is looking to persuade Trump that Mexico and the US are complementary economies, and that Mexico is willing to cooperate against cartels in unprecedented ways, added the people, who asked for anonymity to discuss internal deliberations. Trump's threat of a 30% rate, with exceptions for products certified under the trilateral trade agreement between the two countries and Canada, is unlikely to drastically move the needle beyond the 25% rate already in place, according to Bloomberg Economics. Nearly 83% of US imports from Mexico were exempt from tariffs in May, mainly due to exemptions on USMCA-compliant goods. For rolling updates on tariffs, check out our liveblog > But Trump's 30% threat isn't much better than the 35% rate he announced for Canada, which has taken a much more confrontational tone with Trump while Mexico played nice. Some US officials tried to suggest cooperation could continue despite the letter. US Ambassador to Mexico Ronald Johnson said Saturday in Mexico City that Sheinbaum and Trump have a 'wonderful relationship' and no partnership should be easier than between their two countries. 'America First doesn't mean America alone. In fact, I'm here in Mexico with my arms open in friendship with a message of true respect for the sovereignty of Mexico,' he said at a tuxedo-filled gala thrown in his honor and attended by many from Mexico's political, business and media elite. Sector-specific tariffs, including on steel and soon on copper, had given Mexico in recent weeks reasons to appeal to Trump's officials for a fairer deal as it seeks to protect its position as the US's top trade partner in the world. It had shielded part of its export industry by negotiating to have a previously announced auto duty limited to the non-US portion of cars. 'Mexican authorities will likely continue to engage constructively with the US administration, on border control and to some extent also by hardening the stance against the drug cartels and the flow of fentanyl into the US, in order to preserve access to the US market under competitive conditions,' wrote Alberto Ramos, head of Latin American economics at Goldman Sachs Group Inc., in a note. Mexico's peace offerings have included the extradition of dozens of high-profile detainees involved in the drug trade, and an increase in busts along drug routes. Its security minister has been one of the visitors in the Washington talks, and on the domestic front the government has pushed for legislation to increase investigations of unsolved crimes. But ties have also been strained in recent weeks by the US announcement of a move to cut off three Mexican financial firms over potential involvement in money laundering for drug cartels. For now, Mexico is staying the course. The Economy Ministry said in a statement on Saturday that Minister Marcelo Ebrard had been in Washington since Friday for negotiations with the White House, the US Trade Representative and the Commerce Department, and that Mexico would defend its interests. The ministry called Trump's proposed tariff increase, to take effect Aug. 1, 'unfair.' Mexico will work to find 'an alternative that allows us to protect businesses and jobs on both sides of the border,' the ministry said. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Soccer Players Are Being Seriously Overworked Trade War? No Problem—If You Run a Trade School Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Mexico's ‘cool-head' Trump approach tested by new tariff threat
(Bloomberg) — Mexican officials were taken aback by President Donald Trump's latest tariff threat after paying frequent visits to his top aides in Washington to convince him their efforts to fight drug trafficking were paying off. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike For months, US officials have been effusive about Mexican cooperation on issues related to the border and security. 'Very responsive,' raved Secretary of State Marco Rubio. 'Positive momentum,' Treasury Secretary Scott Bessent called it. On Saturday, Trump blasted the country's response in a letter threatening 30% tariffs. 'What Mexico has done is not enough,' he wrote. 'Mexico still has not stopped the Cartels.' Mexican President Claudia Sheinbaum called for the country to keep 'a cool head,' but a sense of exasperation swept over people involved in the US negotiations, according to people familiar with the talks. Their cordial approach suddenly seemed to have yielded little — for now. The neighboring nation is looking to persuade Trump that Mexico and the US are complementary economies, and that Mexico is willing to cooperate against cartels in unprecedented ways, added the people, who asked for anonymity to discuss internal deliberations. Trump's threat of a 30% rate, with exceptions for products certified under the trilateral trade agreement between the two countries and Canada, is unlikely to drastically move the needle beyond the 25% rate already in place, according to Bloomberg Economics. Nearly 83% of US imports from Mexico were exempt from tariffs in May, mainly due to exemptions on USMCA-compliant goods. But Trump's 30% threat isn't much better than the 35% rate he announced for Canada, which has taken a much more confrontational tone with Trump while Mexico played nice. Some US officials tried to suggest cooperation could continue despite the letter. US Ambassador to Mexico Ronald Johnson said Saturday in Mexico City that Sheinbaum and Trump have a 'wonderful relationship' and no partnership should be easier than between their two countries. 'America First doesn't mean America alone. In fact, I'm here in Mexico with my arms open in friendship with a message of true respect for the sovereignty of Mexico,' he said at a tuxedo-filled gala thrown in his honor and attended by many from Mexico's political, business and media elite. Sector-specific tariffs, including on steel and soon on copper, had given Mexico in recent weeks reasons to appeal to Trump's officials for a fairer deal as it seeks to protect its position as the US's top trade partner in the world. It had shielded part of its export industry by negotiating to have a previously announced auto duty limited to the non-US portion of cars. 'Mexican authorities will likely continue to engage constructively with the US administration, on border control and to some extent also by hardening the stance against the drug cartels and the flow of fentanyl into the US, in order to preserve access to the US market under competitive conditions,' wrote Alberto Ramos, head of Latin American economics at Goldman Sachs Group Inc., in a note. Mexico's peace offerings have included the extradition of dozens of high-profile detainees involved in the drug trade, and an increase in busts along drug routes. Its security minister has been one of the visitors in the Washington talks, and on the domestic front the government has pushed for legislation to increase investigations of unsolved crimes. But ties have also been strained in recent weeks by the US announcement of a move to cut off three Mexican financial firms over potential involvement in money laundering for drug cartels. For now, Mexico is staying the course. The Economy Ministry said in a statement on Saturday that Minister Marcelo Ebrard had been in Washington since Friday for negotiations with the White House, the US Trade Representative and the Commerce Department, and that Mexico would defend its interests. The ministry called Trump's proposed tariff increase, to take effect Aug. 1, 'unfair.' Mexico will work to find 'an alternative that allows us to protect businesses and jobs on both sides of the border,' the ministry said. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Soccer Players Are Being Seriously Overworked Trade War? No Problem—If You Run a Trade School Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Mexico's ‘Cool-Head' Trump Approach Tested by New Tariff Threat
(Bloomberg) -- Mexican officials were taken aback by President Donald Trump's latest tariff threat after paying frequent visits to his top aides in Washington to convince him their efforts to fight drug trafficking were paying off. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike For months, US officials have been effusive about Mexican cooperation on issues related to the border and security. 'Very responsive,' raved Secretary of State Marco Rubio. 'Positive momentum,' Treasury Secretary Scott Bessent called it. On Saturday, Trump blasted the country's response in a letter threatening 30% tariffs. 'What Mexico has done is not enough,' he wrote. 'Mexico still has not stopped the Cartels.' Mexican President Claudia Sheinbaum called for the country to keep 'a cool head,' but a sense of exasperation swept over people involved in the US negotiations, according to people familiar with the talks. Their cordial approach suddenly seemed to have yielded little — for now. The neighboring nation is looking to persuade Trump that Mexico and the US are complementary economies, and that Mexico is willing to cooperate against cartels in unprecedented ways, added the people, who asked for anonymity to discuss internal deliberations. Trump's threat of a 30% rate, with exceptions for products certified under the trilateral trade agreement between the two countries and Canada, is unlikely to drastically move the needle beyond the 25% rate already in place, according to Bloomberg Economics. Nearly 83% of US imports from Mexico were exempt from tariffs in May, mainly due to exemptions on USMCA-compliant goods. But Trump's 30% threat isn't much better than the 35% rate he announced for Canada, which has taken a much more confrontational tone with Trump while Mexico played nice. Some US officials tried to suggest cooperation could continue despite the letter. US Ambassador to Mexico Ronald Johnson said Saturday in Mexico City that Sheinbaum and Trump have a 'wonderful relationship' and no partnership should be easier than between their two countries. 'America First doesn't mean America alone. In fact, I'm here in Mexico with my arms open in friendship with a message of true respect for the sovereignty of Mexico,' he said at a tuxedo-filled gala thrown in his honor and attended by many from Mexico's political, business and media elite. Sector-specific tariffs, including on steel and soon on copper, had given Mexico in recent weeks reasons to appeal to Trump's officials for a fairer deal as it seeks to protect its position as the US's top trade partner in the world. It had shielded part of its export industry by negotiating to have a previously announced auto duty limited to the non-US portion of cars. 'Mexican authorities will likely continue to engage constructively with the US administration, on border control and to some extent also by hardening the stance against the drug cartels and the flow of fentanyl into the US, in order to preserve access to the US market under competitive conditions,' wrote Alberto Ramos, head of Latin American economics at Goldman Sachs Group Inc., in a note. Mexico's peace offerings have included the extradition of dozens of high-profile detainees involved in the drug trade, and an increase in busts along drug routes. Its security minister has been one of the visitors in the Washington talks, and on the domestic front the government has pushed for legislation to increase investigations of unsolved crimes. But ties have also been strained in recent weeks by the US announcement of a move to cut off three Mexican financial firms over potential involvement in money laundering for drug cartels. For now, Mexico is staying the course. The Economy Ministry said in a statement on Saturday that Minister Marcelo Ebrard had been in Washington since Friday for negotiations with the White House, the US Trade Representative and the Commerce Department, and that Mexico would defend its interests. The ministry called Trump's proposed tariff increase, to take effect Aug. 1, 'unfair.' Mexico will work to find 'an alternative that allows us to protect businesses and jobs on both sides of the border,' the ministry said. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Soccer Players Are Being Seriously Overworked Trade War? No Problem—If You Run a Trade School Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Sign in to access your portfolio
Fashion Network
3 days ago
- Business
- Fashion Network
Trump intensifies trade war with 30% tariffs on EU and Mexico
Trump has sent similar letters to 23 other U.S. trading partners this week, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% up to 50%, as well as a 50% tariff on copper. The August 1 deadline gives countries targeted by Trump's letters time to negotiate a trade deal that could lower the threatened tariff levels. The EU had hoped to reach a comprehensive trade agreement with the U.S. for the 27-country bloc. Three EU officials told Reuters on Saturday that Trump's threats represent a negotiating tactic. Trump's letter to the EU included a demand that Europe drop its own tariffs, an apparent condition of any future deal. "The European Union will allow complete, open Market Access to the United States, with no Tariff being charged to us, in an attempt to reduce the large Trade Deficit," Trump wrote. EU President von der Leyen said the 30% tariffs 'would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic.' She also said while the EU will continue to work towards a trade agreement, they 'will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.' Canada got a higher tariff rate of 35% compared to Mexico, with both letters citing fentanyl flows, even though government data shows the amount of the drug seized at the Mexican border was significantly higher than the Canadian border. "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough. Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground," Trump wrote. Mexico sends more than 80% of its total exported goods to the U.S. and free trade with its northern neighbor drove Mexico to overtake China as the U.S.'s top trading partner in 2023. The European Union had been bracing for the letter from Trump outlining his planned duties on the United States' largest trade and investment partner after a broadening of his tariff war in recent days. The EU initially hoped to strike a comprehensive trade agreement, including zero-for-zero tariffs on industrial goods, but months of difficult talks have led to the realization it will probably have to settle for an interim agreement and hope something better can still be negotiated. The 27-country bloc is under conflicting pressures as powerhouse Germany urged a quick deal to safeguard its industry, while other EU members, such as France, have said EU negotiators should not cave into a one-sided deal on U.S. terms. Trump's cascade of tariff orders since returning to the White House has begun generating tens of billions of dollars a month in new revenue for the U.S. government. U.S. customs duties revenue shot past $100 billion in the federal fiscal year through to June, according to U.S. Treasury data on Friday.
Fashion Network
3 days ago
- Business
- Fashion Network
Trump intensifies trade war with 30% tariffs on EU and Mexico
Trump has sent similar letters to 23 other U.S. trading partners this week, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% up to 50%, as well as a 50% tariff on copper. The August 1 deadline gives countries targeted by Trump's letters time to negotiate a trade deal that could lower the threatened tariff levels. The EU had hoped to reach a comprehensive trade agreement with the U.S. for the 27-country bloc. Three EU officials told Reuters on Saturday that Trump's threats represent a negotiating tactic. Trump's letter to the EU included a demand that Europe drop its own tariffs, an apparent condition of any future deal. "The European Union will allow complete, open Market Access to the United States, with no Tariff being charged to us, in an attempt to reduce the large Trade Deficit," Trump wrote. EU President von der Leyen said the 30% tariffs 'would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic.' She also said while the EU will continue to work towards a trade agreement, they 'will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.' Canada got a higher tariff rate of 35% compared to Mexico, with both letters citing fentanyl flows, even though government data shows the amount of the drug seized at the Mexican border was significantly higher than the Canadian border. "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough. Mexico still has not stopped the Cartels who are trying to turn all of North America into a Narco-Trafficking Playground," Trump wrote. Mexico sends more than 80% of its total exported goods to the U.S. and free trade with its northern neighbor drove Mexico to overtake China as the U.S.'s top trading partner in 2023. The European Union had been bracing for the letter from Trump outlining his planned duties on the United States' largest trade and investment partner after a broadening of his tariff war in recent days. The EU initially hoped to strike a comprehensive trade agreement, including zero-for-zero tariffs on industrial goods, but months of difficult talks have led to the realization it will probably have to settle for an interim agreement and hope something better can still be negotiated. The 27-country bloc is under conflicting pressures as powerhouse Germany urged a quick deal to safeguard its industry, while other EU members, such as France, have said EU negotiators should not cave into a one-sided deal on U.S. terms. Trump's cascade of tariff orders since returning to the White House has begun generating tens of billions of dollars a month in new revenue for the U.S. government. U.S. customs duties revenue shot past $100 billion in the federal fiscal year through to June, according to U.S. Treasury data on Friday.
