Mexico's President Claudia Sheinbaum speaks during a press conference a day after the U.S. elections, at the National Palace, in Mexico City, Mexico, November 6, 2024.
Mexican President Claudia Sheinbaum said on Wednesday Mexico would retaliate if U.S. president-elect Donald Trump followed through with his proposed 25 per cent across-the-board tariff, a move her government warned could kill 400,000 U.S. jobs and drive up prices for U.S. consumers.Mexican President Claudia Sheinbaum is seen speaking at a news conference in Mexico City earlier this month. The president said Wednesday that her country will retaliate if the U.S.
Ebrard warned the tariffs would lead to massive U.S. job losses, lower growth, and hit U.S. companies producing in Mexico by effectively doubling the taxes they paid.The proposed tariffs would hit the automotive sector's top cross-border exporters especially hard, Ebrard added, namely Ford, General Motors and Stellantis.Ebrard noted that 88 per cent of pickup trucks sold in the U.S. are made in Mexico and would see a price increase.
"Mexico's stance is not to close borders, but to build bridges between governments and their peoples," she said. "While it's generally understood that a blanket 25 per cent tariff on any vehicles or content from Mexico or Canada could be disruptive, investors under-appreciate how disruptive this could be," they wrote in a note on Tuesday.
GM and Stellantis declined to comment. Ford did not comment on how the threatened tariffs would affect its business but said it manufactures more vehicles in the United States than most major automakers.Jamieson Greer is Donald Trump's pick for U.S. trade rep in coming administrationMexico's automotive industry group AMIA said it would prepare for any possibility and wait to see what formal actions are taken.
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