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Squawk Box anchors discuss President Trump’s latest trade confrontation. This time he targets Mexico in a bid to quell the flow of illegal immigration across the southern border. The Mexican peso and U.S. futures slump off the back of the announcement. Manufacturing activity in China falls more than expected in May amid Beijing’s trade dispute with Washington. Across the Pacific, Federal Reserve vice-chairman Richard Clarida signals the central bank is open to rate cuts, should the economy weaken. And ride-hailing firm Uber reports a $1bn loss in its first quarterly market report since its IPO but shares rise on the data which is in line with expectations.