PLANO (WBAP/KLIF)-UPDATE: President Donald Trump said in a twitter announcement, “The United States of America has reached a signed agreement with Mexico. The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended.”
Senator John Cornyn spoke at a Collin County State of the Business luncheon Friday afternoon.
Cornyn touched on President Donald Trump’s threat on a 25% tariff on Mexican imports to protect the border.
He said he’s hopeful Mexican officials can negotiate with the Trump Administration so it’s not necessary to impose additional tariffs.
“The economy of Texas and the U.S. with Mexico is intermingled in many ways we are dependent on one another,” he said.
Cornyn said he’s hopeful the Trump Administration can approve the U.S.-Mexico-Canada trade agreement, which will support 5 million jobs in the U.S. as a result of Mexico trade and 8 million with Canada.
“I understand why the President made that threat I support his intent to secure the border but I’m hopeful the Mexicans will up their game so it’s not necessary to impose additional tariffs,” he said.
If levied, the tariffs begin on Monday at 5% and will increase 5% every month until they total 25% or until Tump is satisfied with Mexico’s border efforts.