Trump announces that he would override NAFTA if Mexico did not take a more proactive role in preventing illegal immigration.
April 05, 2019
Trump proposes tariffs over border dispute. President Trump announced Friday that he would override his own North American trade deal by placing tariffs on Mexican made automobiles if the country does not do more to prevent illegal immigration. The president announced the plan in a tweet sent Friday morning while on his way to tour part of the proposed border wall in Calexico, CA. Homeland Security Secretary Kirstjen Nielsen estimated that 100,000 migrants crossed the border either illegally or at a point of entry, the highest level in over a decade. [WSJ]
Senators question CFPB on student borrowing. Six Democratic senators sent a letter to the head of the Consumer Financial Protection Bureau on Wednesday, demanding proof that the agency is monitoring the practices of the companies in charge of the government’s trillion-dollar federal student loan portfolio. The letter includes the signatures of Sens. Elizabeth Warren, Kirsten Gillibrand, Dick Durbin, Sherrod Brown, Sheldon Whitehouse, and Bob Menendez. The letters main focus is on the Public Service Loan Forgiveness plan, which promised loan forgiveness to borrowers who made on-time payments for ten years while working in the public service. Nearly all of the first borrowers to apply for forgiveness last year were rejected. [NPR]
Economic Indicators and News
U.S. adds 196,000 in March. According to a report by the U.S. Bureau of Labor Statistics on Friday, the U.S. added 196,000 in March, rising sharply from February’s 20,000. Unemployment held firm at 3.8%, with the number of unemployed persons remaining at 6.2 million. Average earnings for employees on private non-farm payrolls rose four cents to an average of $27.70, rising 3.2% over the year. The majority of job gains in March come from an increase in health care and professional and technical services. [HousingWire]