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Thread: Trump threatens Mexico's biggest cash source

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  1. #1
    Super Moderator Newmexican's Avatar
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    Trump threatens Mexico's biggest cash source

    From January.

    Your Money, Your America
    Trump threatens Mexico's biggest cash source
    by Patrick Gillespie @CNNMoney
    January 25, 2017: 1:20 PM ET

    Top Mexico official eyes 'openness' in Trump stance

    Mexico's biggest cash cow is under threat from President Donald Trump.

    The country's largest source of cash comes from Mexicans living in the United States. That is now under the microscope after Trump issued an executive order Wednesday to start building a wall on the border.
    During his campaign, Trump said multiple times that Mexico will pay for the wall. He even threatened to halt or tax cash transfers -- known as remittances -- from the U.S. to Mexico if the country refused to pay for it.
    "They will reimburse us for the cost of the wall. That will happen, whether it's a tax or a payment -- probably less likely that it's a payment, but it will happen," Trump said on January 11.
    But Mexico's president won't stand for it.

    "We must assure the free flow of remittances," President Enrique Pena Nieto said Monday. Remittances are "an invaluable contribution to national development and indispensable for millions of Mexican families."
    Remittances were likely a top issue on the table when Mexico's top ministers met with Trump's advisers in Washington Wednesday. Trump and Pena Nieto are scheduled to meet on January 31.

    Between January and November of 2016, $24.6 billion flowed back to the pockets of Mexicans from friends and relatives living overseas, according to Mexico's central bank.

    That's even higher than what Mexico earns from its oil exports -- $23.2 billion in 2015. And almost all of that cash comes from the U.S.

    The average remittance from Mexico is about $300. Essentially, Mexico's most lucrative natural resource are the people who leave home.

    Remittances help drive Mexico's economy, from paying for new home construction to schools, especially in low-income areas. The cash transfers from the U.S. have also been growing faster than wages and inflation. And it's a critical time for Mexico's economy, which is showing signs of weakness.

    With Mexico's currency, the peso, near an all-time low, its economy only grew 2.2% last year, Mexico's finance minister says. Trump's threats are only going to make it worse -- the IMF estimates Mexico will only grow 1.7% this year.

    On top of slower growth, the government hiked gas prices by as much as 20% at the start of the year as part of an energy deregulation policy. That's sparked widespread protests and looting.


    All to say: Dollars mean a lot to many Mexicans and they're becoming more and more valuable. Taxing or halting that flow of cash could negatively impact millions of Mexicans.

    But experts caution that even if Trump halts or taxes remittances, Mexicans will still find ways to get cash over the border without paying a tax.

    Alberto Ramos, head of Latin America research at Goldman Sachs (GS), says that when wire services charged high fees a decade ago, Mexicans still got their money across the border either in-person, through the mail or via traveling relatives.

    "If you tax that money it won't necessarily stay in the U.S. It can still go to Mexico through informal channels," says Ramos.

    http://money.cnn.com/2017/01/25/news...ump/index.html


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  2. #2
    Senior Member Judy's Avatar
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    "free flow of remittances" = free flow of drug money.

    SHUT IT DOWN.
    A Nation Without Borders Is Not A Nation - Ronald Reagan
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  3. #3
    Senior Member Beezer's Avatar
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    VERIFY FIRST all jobs, housing, welfare, food stamps, healthcare, bank accounts, Driver's Licenses, voting and public schools.

    Time to END this scam on the USA and it's taxpayers!

    Mexico is NOT our friend.

    End the anchor baby scam now...sign an EO to stop issuing US Birth Certificates to illegal aliens and non-citizens. Send the 14th amendment over into the Courts hands to clarify there is NO such thing as an anchor baby and they are NOT US Citizens.

    Give them a "Certificate of Child Born Abroad". No citizenship, no benefits!
    Judy and Newmexican like this.
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  4. #4
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    World Bank: Record $30 Billion Leaving The US For Mexico

    Will Racke Immigration and Foreign Policy Reporter 11:23 AM 10/04/2017

    President Donald Trump’s tougher immigration enforcement has reduced the flow of people heading north across the U.S.-Mexico border, but it has had no effect on the amount of money heading in the opposite direction. In fact, Mexico is on pace to receive more remittances from abroad in 2017 than it ever has before, according to World Bank estimates released Tuesday. Mexico, which takes in more remittances than any other Latin American country by a wide margin, will likely receive $30.5 billion from the Mexican diaspora living abroad — 6.5 percent more than it did in 2016.

    About 95 percent of Mexico’s annual remittance haul comes from the U.S., according to Mexican bank BBVA Bancomer. Remittances to Mexico from the U.S. have been rising in recent years due to improved labor market conditions for immigrants in America and the falling cost of sending money abroad, says the World Bank-sponsored Global Knowledge Partnership on Migration and Development (KNOMAD).

    In August, the unemployment rate for the foreign-born population in the U.S. was 4.2 percent, compared to 4.6 percent for native-born Americans. The tighter labor market may be contributing to higher wages for Hispanic immigrants, boosting the overall value of remittances they send home. “An improving labor situation for the foreign-born population and Hispanics in the United States bodes well for the immediate prospects for remittances to the region,” the KNOMAD report said. “Furthermore, a tighter U.S. labor market, which is close to reaching full employment, seems to be facilitating higher compensation in some sectors, especially in the construction sector, which tend to favor the average volume of remittances.”

    The Trump administration and some Republican lawmakers have eyed remittances to Mexico as a potential source of funding for a wall along the southwest border. Alabama Rep. Mike Rogers introduced in March a bill that would levy a 2 percent tax on all person-to-person wire transfers to Mexico and the rest of Latin America, with the proceeds covering the costs of wall construction.

    A separate bill in the Senate would have imposed a 7 percent fine on transfers where the sender could not prove he was working in the U.S. legally. While those bills failed to gain traction in Congress, Mexican immigrants and the Mexican government alike remain wary that the rising value of remittances will once again make the cross-border flow of money an attractive target. That’s because, in Mexico, remittances are a significant source of national income. Total personal remittances to Mexico accounted for 2.7 percent of gross domestic product in 2016, according to the Word Bank. That year, Mexico’s $27 billion in remittances far exceeded the value of its oil exports, which totaled about $18 billion.

    http://dailycaller.com/2017/10/04/wo...us-for-mexico/
    Last edited by artist; 10-05-2017 at 01:00 AM.
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  5. #5
    Senior Member Judy's Avatar
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    Yeah, see if Americans had all those jobs and tax credits, all that $30 billion would be spent here in our own country and multiply many times over every year into enormous contributions to our GDP, businesses, jobs and wages.
    Beezer likes this.
    A Nation Without Borders Is Not A Nation - Ronald Reagan
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  6. #6
    Senior Member Beezer's Avatar
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    BOOT THEM ALL OUT

    EVEN IF THEY ARE HERE LEGALLY...THEY WILL STILL SEND BILLONS OVER THE BORDER

    THEN THEY GO BACK AND RETIRE THERE

    THEIR BS SOB STORIES ARE LIES! THEY GO BACK AND FORTH, THEY GO BACK TO LIVE THERE, THEY HAVE FAMILY THERE!

    GET THEM ALL OFF OUR SOIL!
    Judy and lorrie like this.
    TO BECOME AN AMERICAN YOU MUST CHANGE YOUR VALUES ...NOT YOUR LOCATION

    STAY HOME AND BUILD AMERICA ON YOUR SOIL

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