Trump press secretary says the administration is considering a 20% border tax on Mexican imports to help pay for the wall

Sean Spicer, White House press secretary for President Donald Trump, told reporters on Thursday that the administration is considering a 20% border tax on Mexican imports according to Bloomberg.

Spicer said border tax would be part of a broader tax reform package and would help pay for the proposed wall along the US-Mexico border, according to the report.

The announcement comes the same day that Mexican president Enrique Pena Nieto canceled a trip to the US over Trump’s wall proposal.

Trump has long said that Mexico will pay for the cost of building the wall, which Republicans have estimated as $12 million to $15 million. Nieto has said Mexico will not pay for the wall.

Developing…

NOW WATCH: Here’s how to use one of the many apps to buy and trade bitcoin

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.