Last night President Trump opened up a second front on trade by promising a 5% tariff on all Mexican goods by June 10 (rising to 25% by October) if Mexico doesn’t stop the flow of Central American immigrants to the U.S. President Trump invoked the International Emergency Economic Powers Act (IEEPA), which gives the president broad leeway if he certifies a national emergency.

This comes after trade tensions with China re-escalated earlier this month with signs increasingly pointing to an extended trade fight, not a deal (please see our recent market volatility and trade pieces for more detail).

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