MEXICO CITY: Mexican President Claudia Sheinbaum on Tuesday warned U.S. President-elect Donald Trump of dire economic consequences for both countries ...
Mexican President Claudia Sheinbaum on Tuesday warned U.S. President-elect Donald Trump of dire economic consequences for both countries from tariffs and suggested possible retaliation following his threat of across-the-board tariffs of 25% on Mexico and Canada.
Trump, who takes office on Jan. 20, said late on Monday he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border. Mexico's automotive industry is the country's most important manufacturing sector, accounting for over 35% of manufactured exports by value. The United States is by far the dominant destination for vehicles made in Mexico, with up to 79% of them heading north across the border.Tariffs could violate the United States-Mexico-Canada Agreement, a trade deal the countries signed in 2020 during Trump's first administration.
His deputy, Luis Rosendo Gutierrez, said that the tariff threats from Trump were in line with the president-elect's behavior in his first term.
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