President Trump has threatened to impose new tariffs on Mexico if the country does not step up its immigration enforcement actions. But tariffs could hurt both economies.
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David Goldman is the assistant managing editor for CNN Business, overseeing coverage of markets, companies, strategy and business leaders. The opinions expressed in this commentary are his own. .leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Tariffs on Mexico will be bad for American business. Period. How do we know that? Because other tariffs are already hurting American companies.
Business in the 21st century is complicated. Protectionist trade policy can backfire. Just look at two sets of tariffs imposed earlier by President Donald Trump.In January 2018, Trump imposed a 20% tariff on imported washing machines. Whirlpool was ecstatic."This is, without any doubt, a positive catalyst for Whirlpool," CEO Marc Bitzer said at the time. The company added 200 jobs in its Ohio factory in anticipation of a sales surge. Whirlpool bet wrong.
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