Mexico plans trade retaliation against potential US tariffs on imports

Mexico's President Claudia Sheinbaum announced plans to retaliate with tariffs if President-elect Donald Trump imposes a 25% tariff on Mexican imports. She stated that such tariffs would threaten joint ventures with major U.S. companies like General Motors and Ford. Trump's proposed tariffs aim to address issues like drug trafficking and immigration. Sheinbaum warned that retaliatory tariffs could lead to inflation and job losses in both countries, as 76% of vehicles made in Mexico are exported to the U.S. The Mexican peso fell to its lowest value against the dollar since March 2022, dropping over 2%. Sheinbaum emphasized the importance of dialogue to resolve trade tensions and expressed hope for future discussions between the two nations.