President Claudia Sheinbaum suggested that Mexico could retaliate with tariffs of its own, after U.S. President-elect Donald Trump threatened to impose 25% import duties on Mexican goods if the country doesn't stop the flow of drugs and migrants across the border.
President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own, after U.S. President-elect Donald Trump threatened to impose 25% import duties on Mexican goods if the country doesn't stop the flow of drugs and migrants across the border."One tariff would be followed by another in response, and so on until we put at risk common businesses," Sheinbaum said, referring to U.S. automakers that have plants on both sides of the border.
Sheinbaum's bristly response suggests that Trump faces a much different Mexican president than he did in his first term. But Gabriela Siller, director of economic analysis of the financial group Banco Base, fears the personality clash could escalate things into brinkmanship; Trump clearly hates to lose.
"It is unacceptable and would cause inflation and job losses in Mexico and the United States," Sheinbaum said, while offering to talk about the issues. "If tariffs go up, who will it hurt? General Motors," she said. The tariffs, if implemented, could dramatically raise prices for American consumers on everything from gas to automobiles to agricultural products. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data.
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