Reflecting the opinions of innumerable economists and pundits, Mexican government officials on Wednesday warned that Donald Trump’s plan to levy 25% tariffs on products coming across the Southern border would end disastrously for the United States, Reuters reports.
“It’s a shot in the foot,” Mexico’s Minister of the Economy Marcelo Ebrard said, after Mexican President Claudia Sheinbaum declared that any US tariffs would be met with similar tariffs on US products coming into Mexico, a move that would cost the American economy more than 400,000 US jobs.
In addition to the jobs, an analysis by the Mexican government showed that tariffs on Mexican-built automotive parts or vehicles for the US Big Three automakers would wipe out their reported annual, a situation that obviously would never happen given the manufacturers would pass along the thousands of dollars in tariff costs to consumers.