Pablo Soria de Lachica - Warns of Detrimental Effects Trump's Mexico Plans Could Have on U.S. Economy
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MEXICO CITY, MEXICO -- (Marketwired) -- 09/29/15 -- Republican presidential nominee, Donald Trump, has made headlines with his radical plans for dealing with illegal Mexican immigrants, which includes deporting all undocumented aliens, ending birthright citizenship, and building a wall along the U.S.-Mexico border. An increasing number of financial and economic experts have been shaking their heads about the absurdity Trump's ambitions entail: "Building a wall along the Mexican border is not only impractical, but so overly expensive that it would severely damage the U.S. economy," says Pablo Soria de Lachica, Business Development Director for Bforex, a prominent currency-trading firm based in Panama.
Soria de Lachica, who graduated from Universidad Tecnológico de México (UNITEC) before starting his career in international trading, is known for his expertise in economic relations between the United States and Central America. Asked about the potential effects that Trump moving into the White House could have, he draws a rather grim picture: "One of the first results of implementing Trump's outrageous plan would be a fundamental destruction of the U.S.-Mexico relations, which would at minimum lead to losing Mexico as an export market," he predicts. The impact to the U.S. economy would indeed be substantial, given that Mexicans buy $240 billion in U.S.-made goods every year. Without that market, as many as seven million U.S. jobs could be lost.
Another key element of Trump's rhetoric is to build a wall along the 2,000-mile long border, which would cost billions, essentially making it impossible. "Trump claims he could make Mexico pay for the cost of that," says Soria de Lachica in disbelief, "but in reality there is absolutely no mechanism to make that happen. He is building castles in the sky in an effort to win over right-wing voters with his xenophobic promises." And Trump's plans do not stop there: He suggested the U.S. block remittances from illegal Mexican immigrants to their families in Mexico which, according to the World Bank, total as much as $25 billion per year. While the U.S. does have the power to enact such sanctions, currency expert Pablo Soria de Lachica points out that there is no way to know which money transfers are legitimate or not, which in the end makes the idea unworkable.
Commenting on Trump's idea of sending Mexicans back to their home country, Pablo Soria de Lachica warns: "If the United States decided to deport the estimated 11.7 million illegal Mexican immigrants, the cost in terms of lost workers would be enormous, because many American businesses rely on inexpensive labor to bolster their profit margins." In California alone, nearly 10% of the entire workforce is undocumented, while in other states, like California, Nevada, Texas, and New Jersey, the share of labor force occupied by illegal immigrants actually exceeds the total number of unemployed persons, meaning that millions of jobs would be impossible to fill, even if Americans were willing to do much of the dirty, difficult jobs relegated to illegal immigrants. Meanwhile, the cost of physically processing and deporting undocumented migrants and their families would exceed $137 billion, according to an estimate by the U.S. Immigration and Customs Enforcement agency.
Pablo Soria de Lachica is an accomplished Forex professional with years of experience working with Bforex. In his role as Director of Business Development, he has been responsible for the establishment of an array of impressive online trading tools for currency investors to analyze markets and maximize profits, among them the proprietary trading platforms MetaTrader4 and PROfit.
Pablo Soria de Lachica - Foreign Exchange Specialist: http://PabloSoriaDeLachicaNews.com/
Pablo Soria de Lachica - Predicts the Impact of China's Market Developments: http://www.marketwatch.com/story/pablo-soria-de-lachica---predicts-the-impact-of-chinas-market-developments-2015-09-02
Pablo Soria de Lachica - Summarizes the Results of the First CfD Auction in the UK: http://finance.yahoo.com/news/pablo-soria-lachica-summarizes-results-012035247.html
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