Mexican Economy minister: US tariffs will lose 400,000 jobs

Mexican Economy Minister Ebrard said President-elect Donald Trump's proposed 25 percent tariff on Mexico would lead to the loss of 400,000 jobs in the United States, slow economic growth and hit Mexican exports.

Reuters reported that Ebrard on Wednesday described Trump's tariff measures as "shooting ourselves in the foot."

Ebrard noted that the proposed tariffs would hit the auto industry particularly hard, driving up prices by thousands of dollars, including for Ford, General Motors and Stellantis.

He also said Mexico wants to strengthen regional cooperation and integration rather than wage a retaliatory tariff war.

In an open letter to U.S. President-elect Donald Trump on Tuesday, Mexican President Simbaum said the United States cannot solve its immigration and drug problems with threats and tariffs, and that addressing these major challenges requires cooperation and mutual understanding.

She also warned that if the United States imposes tariffs on Mexico, Mexico will be forced to take reciprocal measures, which could lead to higher operational risks for businesses in both countries, while exacerbating inflation and unemployment in both countries.

In a post on the Social media platform Truth Social on Monday, Trump said he would sign an executive order on his first day in office on January 20, imposing a 25% tariff on all products imported from Mexico and Canada. "This tariff will continue until all drugs, especially fentanyl, and all illegal immigrants stop coming into our country!"

As for China, he would impose another 10 percent tariff on all of China's many products coming into the United States, on top of other existing tariffs.