Welcome to The Hill's Business & Economy newsletter{beacon} Business & Economy Business & Economy   The Big Story  Trump threatens tariffs on Mexico over border crossings Former President Trump on Monday vowed to impose a 25 percent tariff on all imports from Mexico unless the government curbs what he described as an “onslaught” of immigrants crossing the border.© AP Photo/Evan Vucci “We’re being invaded by Mexico. But now we have a new president of Mexico. Supposed to — a very nice woman, they say. I haven’t met her. And I’m going to inform her on day one or sooner that if they don’t stop this onslaught of criminals and drugs coming into our country, I’m going to immediately impose a 25 percent tariff on everything they send into the United States of America,” Trump said during a rally in North Carolina. Trump claimed the plan had a “100 percent chance of working" and warned he would periodically escalate the tariff by 25 percent if it did not get the desired response. The Repblican nominee also went on a lengthy tangent about construction of the border wall during his first term, including how he did not like certain aesthetic features.The former president has for months touted a plan to impose blanket tariffs on all imports. He has shrugged off warning from economists who say the proposal could sent the cost of goods skyrocketing, and claimed the tariffs will push more companies to do business in the U.S. Mexico is the United States' top trading partner. The Office of the U.S. Trade Representative reported that trade between the U.S. and Mexico totaled an estimated $855 billion in 2022, nearly $500 billion of which is goods imported from Mexico.The Hill's Brett Samuels has more here.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:  Democrats call for investigation into grocery pricesSen. Elizabeth Warren (D-Mass.) and Rep. Adam Schiff (D-Calif.) are calling on administration officials to investigate Albertsons and other major grocery chains for “predatory practices” they say may have violated federal laws.  Full Story  Musk draws skepticism with call for $2 trillion in spending cutsTesla CEO Elon Musk’s call for “at least” $2 trillion in cuts to federal spending is drawing skepticism from experts as the billionaire tech magnate cements himself as one of former President Trump’s most prominent backers.  Full Story  Most voters in new survey say Trump cares about interests of rich over Harris A majority of U.S. adults say former President Trump cares more about the needs and problems of wealthy Americans than Vice President Harris, a new survey revealed.  Full Story   The Ticker  Upcoming news themes and events we're watching: Election Day is Tuesday, Nov. 5. In Other News Branch out with more stories from the day: US agency ends investigation into Ford engine failures after recall and warranty extensionDETROIT (AP) — The U.S. government’s auto safety regulator has ended a 2 1/2-year investigation … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Dow closes down more than 200 points ahead of presidential election (CNBC) Why business leaders are worried about JD Vance (Politico) Trump’s stock surges on the last day before the election (CNN)  What Others are Reading  Top stories on The Hill right now: Will Kamala Harris lose the popular vote? Kamala Harris isn’t just on track to lose the election; she could lose the popular vote too.  Read more Harris camp thinks she’s regained edge on Trump Vice President Harris and her supporters believe they have the edge in the final hours of the presidential campaign, after several weeks when the campaign felt it was on shaky ground as former President Trump gained momentum. Read more  What People Think  Opinions related to business and economic issues submitted to The Hill: The Biden-Harris Department of Labor is politicizing your retirement savings It’s (almost) 2025: When will the US finally fund a child care system that values women?    You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe