Markets

White House will be a 'tariff museum:' Editor of Chinese paper trolls Trump over Mexico tariffs

Key Points
  • "Tariffs can not only block cheap products, but also curb illegal immigration! White House is so imaginative in using tariffs," said Hu Xijin, editor-in-chief of the Global Times in a Twitter post.
  • "Some day, the White House will be named 'tariff museum' by history," he added.
  • His comment came after the U.S. announced to slap a 5% tariff on all Mexican imports from June 10.
U.S. President Donald Trump arrives to speak about immigration reform in the Rose Garden of the White House on May 16, 2019 in Washington, DC.
Mark Wilson | Getty Images

A Chinese official tabloid editor followed by Wall Street for insight took a shot at President Donald Trump's latest threat to impose tariffs on all Mexican imports.

"Some day, the White House will be named 'tariff museum' by history," said Hu Xijin, editor-in-chief of the Global Times, a tabloid under the People's Daily which is the official newspaper of the Communist Party of China. He has been a prolific commentator on the ongoing U.S.-China trade war, followed by many Wall Street traders and market participants.

Hu called the U.S. "so imaginative" in using tariffs on Mexico to curb illegal immigration. Trump once called himself a "tariff man" to toughen his rhetoric amid intensifying tensions with China.

His comment came after the U.S. announced to slap a 5% tariff on all Mexican imports from June 10 and more duties will be added if Mexico does not take action to "reduce or eliminate the number of illegal aliens" crossing into the U.S., the White House said Thursday.

Trump's trade advisor Peter Navarro told CNBC on Friday that Trump's threat tied to the president's declaration of a national emergency at the southern border.

Many policy analysts believe Trump's Mexican tariffs could hurt the chance of a China trade deal as he lost reliability to honor an agreement.

China said Friday it will establish a list of unreliable entities of foreign companies and people that "seriously damage" the interests of domestic firms. It also reportedly stopped purchases of U.S. soybeans and threatened to cut off rare earth supply to the U.S.