Mexico’s finance minister says that the U.S. will be “shooting itself in the foot” by imposing a 25% tariff on goods coming from Mexico, including parts and whole vehicles for American automakers. One of the most brazen examples of how President-elect Donald Trump’s threatened tariffs on Mexico will backfire

President-elect Donald Trump promised to impose a 25% tariff on all goods from Mexico and Canada on his first day in office. Imports from Mexico and Canada totaled $900 billion in 2023. Trump has proposed tariffs as a solution to government funding.

President-elect Donald Trump has upped his tariff threats, and some nations have already adjusted their strategies in response. The Trump team is still working on a deal with Mexico’s president to end the 25 percent tariff threat on Canadian and Mexican goods but the lack of progress has caused concern for some American business owners.