The Big Story 

Former President Trump on Monday vowed to impose a 25 percent tariff on all imports from Mexico unless the government curbs what he described as an “onslaught” of immigrants crossing the border.

© AP Photo/Evan Vucci

“We’re being invaded by Mexico. But now we have a new president of Mexico. Supposed to — a very nice woman, they say. I haven’t met her. And I’m going to inform her on day one or sooner that if they don’t stop this onslaught of criminals and drugs coming into our country, I’m going to immediately impose a 25 percent tariff on everything they send into the United States of America,” Trump said during a rally in North Carolina.

Trump claimed the plan had a “100 percent chance of working" and warned he would periodically escalate the tariff by 25 percent if it did not get the desired response.

The Repblican nominee also went on a lengthy tangent about construction of the border wall during his first term, including how he did not like certain aesthetic features.

The former president has for months touted a plan to impose blanket tariffs on all imports. He has shrugged off warning from economists who say the proposal could sent the cost of goods skyrocketing, and claimed the tariffs will push more companies to do business in the U.S.

Mexico is the United States' top trading partner. The Office of the U.S. Trade Representative reported that trade between the U.S. and Mexico totaled an estimated $855 billion in 2022, nearly $500 billion of which is goods imported from Mexico.

The Hill's Brett Samuels has more here.

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

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