Supply Chain Management / Manufacturing News

Manufacturers warn on 'devastating consequences' of Mexico tariffs

By Yahoo! Finance

May 31, 2019

U.S. manufacturers warned on Friday that President Donald Trump’s threat to impose new tariffs on Mexico could have a “devastating” impact on the economy and may jeopardize the administration’s efforts to win passage of a new North American trade accord.

Late Thursday, Trump shocked markets by threatening to slap 5% surcharges on Mexican imports beginning June 10, as part of a demand that the country do more to contain a surge of migrants streaming across the border.

Both the National Association of Manufacturers (NAM) and the American Automotive Policy Council (AAPC) — a lobbying group representing powerhouse automakers like Ford (F), General Motors (GM) and Fiat-Chrysler (FCA) — came out strongly against the threat of tariffs, which come as the United States Mexico Canada trade agreement languishes in Congress.

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