Washington D.C.- National Foreign Trade Council (NFTC) President Rufus Yerxa today issued the following statement following an announcement by the White House that the U.S. will impose escalating tariffs on all goods imported from Mexico on June 10th.
“Last night’s action to raise tariffs on all imports from Mexico was a dangerous and destabilizing move that will damage both Mexico and the United States. The President should reconsider the wisdom of this measure before it causes any real damage.
“Raising tariffs indiscriminately on all imports from Mexico is terrible economic policy. It will cause untold harm to American manufacturers, consumers and exporters. The auto industry, which relies heavily on cross-border supply networks, will be one of the biggest victims, but most other U.S. manufacturers will also suffer harm. Our farmers and ranchers, who are already facing decreased access to international markets, will now face renewed threats of retaliatory tariffs from their largest export market. Most importantly, American consumers will pay higher prices for everything from avocados to clothing to cars.
“This action will have repercussions throughout Mexico’s economy, which will intensify, rather than reduce, the problems at the border. Mexico depends heavily on a stable partnership with the United States and has opened its own economy substantially to U.S. exports and investment since the NAFTA was implemented more than 20 years ago. Tariffs are not the way to fix the very real problems of illegal immigration at our southern border.
“International trade and investment is a two-way street. Radical and sudden action against our neighbor and best trading partner, using a law that has only been invoked against rogue nations and sponsors of terrorism, is an action unworthy of a great nation and world leader.”