Global officials and economists are raising alarms over US President Donald Trump's recent decision to impose new tariffs on major trade partners, including Canada, Mexico, and China. They warn that these measures are likely to increase living costs in the United States and further strain international trade relations.
Mexico Condemns US Tariffs
Mexican Economy Minister Marcelo Ebrard took to social media platform X to denounce Trump's executive order imposing a 25 percent tariff on Mexican goods. He described the move as a \"flagrant violation\" of the United States-Mexico-Canada Agreement (USMCA), emphasizing that such actions undermine the spirit of cooperation established by the trade deal.
Mexican lawmaker Ricardo Monreal also criticized the tariffs, calling them \"absurd, illegal, and an abuse of power.\" He termed the tariffs one of the most severe economic attacks since Mexico's independence, asserting that Mexico cannot accept such a unilateral decision that harms its economy, infringes on its sovereignty, and directly affects its citizens.
Economic Impact on Mexico
Ignacio Martinez, an international affairs expert at the National Autonomous University of Mexico, highlighted the detrimental effects the tariffs could have on Mexico's economy. He pointed out that manufacturing and export-driven regions, particularly in central and northern Mexico, would be hardest hit. Additionally, the southern region could face economic hardships due to a potential decrease in remittances from Mexican migrants in the US, leading to weakened purchasing power and exacerbated poverty.
Global Repercussions
The tariffs not only strain US-Mexico relations but also signal potential challenges in global trade dynamics. Economists fear that escalating trade tensions could lead to a cycle of retaliatory measures, affecting markets worldwide and increasing costs for consumers.
Conclusion
As the tariffs take effect, officials and economists continue to urge for dialogue and reconsideration of policies that could have far-reaching negative impacts on economies and societies on both sides of the border. The international community watches closely, hoping for resolutions that promote fair trade and economic stability.
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Officials and economists warn of increased costs from US tariffs
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