Trade partners warn Trump tariffs could harm economies of all involved

Officials from Mexico, Canada, and China have warned that U.S. President-elect Donald Trump's proposed tariffs on imports would negatively impact all economies involved. They emphasized the need for dialogue to avoid escalating trade tensions. Mexican President Claudia Sheinbaum plans to send a letter to Trump and request a call to discuss the tariffs. A Bank of Canada official noted that such tariffs would have significant effects on both the U.S. and Canadian economies. Trump's tariff threats, which include a 25% levy on imports from Mexico and Canada and a 10% tariff on Chinese goods, could violate the U.S.-Mexico-Canada Agreement. The announcement has already caused declines in the Mexican peso and Canadian dollar.