U.S. trade partners warn Trump tariffs would harm all involved

Published On Nov 26, 2024, 12:24 PM

U.S. trade partners Mexico, Canada, and China have warned that President-elect Trump's proposed tariffs of 25% on goods from Canada and Mexico and 10% on imports from China could have detrimental effects on the economies of all involved. They argue such tariffs could exacerbate inflation and harm job markets. Officials are urging dialogue rather than confrontation, emphasizing the interconnectedness of the economies. The impact of these potential tariffs has already caused declines in the Mexican and Canadian currencies, while U.S. stock markets remained stable, indicating investor skepticism about the immediate implementation of these tariffs. Notably, companies in the auto industry, like Ford and General Motors, saw their shares drop due to their potential vulnerability to such tariffs.