Keynes and Bown describe President Trump’s decision to declare an emergency on the US southern border. On May 30, Trump invoked the 1977 International Emergency Economic Powers Act (IEEPA) and stated he would impose new tariffs on all US imports from Mexico starting June 10 unless, in his view, the “illegal migration crisis is alleviated through effective actions taken by Mexico.” They discuss the potential legality of such an action, as well as the likely economic implications for the United States, Mexico, and the trading system.

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