Hear the war drums kicking in? Of course you do.
The United States is planning to impose a 5% tariff on all Mexican imports starting June 10. When the plans were announced, the Dow tumbled down below 25 000, S&P fell 1.4% and the Nasdaq lost 1.5%, CNN reports. The Wall Street was already in turmoil over the escalating trade battle with China: economic confidence is damaged all over the world. Despite White House statements that Mexico and China will pay the fees, the US consumers bear the costs. If you buy anything from cars and dishwashers, to soda and canned soup, you will be, or probably already are, paying more. The average American household expenses will be at least $500 more this year because of tariffs already imposed, according to Fox Business. That is because a lot of US businesses depend on imported goods from Mexico and China. Nanotech Industrial Solutions is not one of them.