Breaking: Trump steps up the ante on trade wars by imposing tariffs on Mexican imports, (MXN - 1.85%)

In recent trade, risk-off flows have piled up on the announcement that the U.S. will impose up to 25% tariffs on ALL Mexican imports until Mexico does something about the illegal flow of immigrants into the United States. 

USD/MXN has shot up a high of 19.5942 from 19.1749 before the announcements.

Key notes:

• Developing story: Trump says the US to impose 5% tariff on all goods from Mexico

• Forex today: Nevermind the U.S. session, Trump announces tariffs on Mexico in early Asia

• USD/MXN surged to 12-week high on US Pres. Trump’s fresh tariff announcement

Mexican Deputy Foreign Minister:

• If president trump's threat to impose tariffs is carried out it would be disastrous.
• Says Trump move is extreme.

White House Chief of staff Mulvaney:

• All Mexican products will be subject to tariffs.
• White House Chief of staff Mulvaney: Imagration tariff is separate from trade agreement, hope we don't need to move to 25% tariffs. 

This is a developing story...