• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Mexico warns Trump tariffs would kill 400,000 US jobs

by November 27, 2024
written by November 27, 2024

MEXICO CITY (Reuters) – Mexican Economy Minister Marcelo Ebrard said on Wednesday that a 25% across-the-board tariff proposed by U.S. President-elect Donald Trump would cause the loss of 400,000 jobs and slow growth in the United States, while also hitting Mexican exports.

“It’s a shot in the foot,” he said in a morning press conference, adding that Mexico wanted more regional cooperation and integration instead of a war of retaliatory import taxes.

Ebrard said the proposed tariffs would hit the automotive sector’s top cross-border export firms especially hard, namely Ford (NYSE:F), General Motors (NYSE:GM) and Stellantis (NYSE:STLA) and push up vehicle prices for consumers by thousands of dollars.

Mexico is the United States’ top trade partner and its automotive industry is the country’s most important manufacturing sector, exporting mainly to the United States. It represents nearly 25% of all North American vehicle production.

Mexican President Claudia Sheinbaum called for dialogue and cooperation between the two trade partners on Tuesday, the morning after Trump announced the measure which would appear to contravene a free trade pact Trump signed during his last mandate.

She hinted Mexico would respond with their own retaliatory tariffs, while analysts speculated on the possibility of a new trade war under Trump’s next presidency.

Mexico’s automotive industry group AMIA said it would prepare for any possibility and wait to see what formal actions are taken.

The North American free trade pact is up for revision in 2026.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Mexico would raise tariffs if US does so first, president says
next post
Court overturns US sanctions against cryptocurrency mixer Tornado Cash

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Hong Kong home prices decline for fifth month in Sept
    • Greece stocks lower at close of trade; Athens General Composite down 1.67%

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy