Officials from Mexico, Canada, and China, along with major industry groups, have issued warnings against US President-elect Donald Trump's threats of significant tariffs increases on goods, stating these could harm economies, cause inflation, and damage job markets. Trump's pledge to impose a 25% tariff on Canadian and Mexican imports upon taking office, including crude oil, has caused market turmoil.
– Officials from Mexico, Canada and China and major industry groups warned that US President-elect Donald Trump 's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets .
"To one tariff will follow another in response and so on, until we put our common businesses at risk," Mexican President Claudia Sheinbaum said during a regular press conference. Sheinbaum said she planned to send a letter to Trump and would seek a call with him to discuss the issue. The three countries shipped a total of more than $1 trillion of goods to the United States in the first nine months of the year, led by Mexico and followed by China and then Canada, according to US Commerce Department data as of September.
Mexico and Canada are by far the top two suppliers of farm products to the United States, with imports of agricultural goods valued at nearly $86 billion last year, according to US Department of Agriculture and US Customs data.The threatened levies would appear to violate the terms of the US-Mexico-Canada Agreement on trade. The deal, which Trump signed into law, took effect in 2020 and continued the largely duty-free trade between the three North American countries; the deal sunsets in 2026.
"If implemented, this would spell disaster for the US auto industry and Detroit Three manufacturers, all of whom import significant numbers of vehicles from Canada and Mexico, as well as Volkswagen and other European OEMs," Bernstein analyst Daniel Roeska said in a note.
DONALD TRUMP MEXICO CANADA CHINA TRADE THREATS ECONOMIC IMPACT JOB MARKETS INFLATION
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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