Osamu Inoue, president of Sumitomo Electric, which makes parts for Volkswagen, Toyota and Stellantis, among others, said Trump’s threatened 25 per cent tariffs on Mexican goods would do more harm to US suppliers, which account for almost a third of car parts investment in Mexico.

President Donald Trump told reporters hours after taking office that he was considering levying a blanket duty on Mexico and Canada on Feb. 1.

Americans buy $900 billion a year in food, cars, TVs, toys, appliances and other goods from Mexico and Canada. The cost of these products could rise if President Trump carries out his threat to apply 25% tariffs.

Mexican President Claudia Sheinbaum has an answer for President Donald Trump about his idea of renaming the Gulf of Mexico to the “Gulf of America:” he can call it whatever he wants on the American part of it.

That’s because President Donald Trump said on Tuesday that a new 10% across-the-board tariff on Chinese goods could be enacted as soon as February 1. Unlike Mexico and Canada, which largely avoid tariffs on exports to the United States because of the current USMCA trade agreement which Trump signed in his first term,