Mexico, US and European Union
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The Mexican delegation in Washington expressed disagreement with the tariff announcement and considered it “unfair treatment,” according to a government statement.
The impact on effective tariff rates is expected to be moderate. BofA estimates these could rise to 4.2% for Canada and 6.9% for Mexico, up from 3.6% and 6.2%, respectively, due to the high share of USMCA-compliant goods in total trade flows.
President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Thursday announced a 35% tariff on Canadian goods.
Bailey called for greater cooperation between countries, particularly the US and China to resolve unsustainable trade and financial imbalances
Tomato prices in the US could rise due to the termination of the Tomato Suspension Agreement, which was signed for the first time in 1996 and updated in 2019.
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