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As Mexico becomes America's top source of imported goods, here are the products that could be most h
Source: Washington Post
As Mexico becomes America’s top source of imported goods, here are the products that could be most hit by Trump’s tariffs
By Andrew Van Dam May 31 at 9:52 AM
Mexico is an integral part of the U.S. economy. It’s the source of most of the United States’ imported beer and tractors, to say nothing of the rest of the $346.5 billion in goods Mexico sent to the United States last year.
Those goods may soon be hit with a 5 percent tariff. President Trump said Thursday the tariffs will begin at 5 percent on June 10. They will rise an additional 5 percent each month until they hit 25 percent on Oct. 1. Those tariffs will remain elevated “until Mexico substantially stops the illegal inflow of aliens coming through its territory,” the White House said.
As tariffs ramp up, the price you pay for goods as varied as cars and cauliflower will probably rise. After all, companies tend to pass the costs of tariffs on to consumers, as National Economic Council Director Larry Kudlow acknowledged in May.
Beyond the ubiquitous avocados, what do we import from Mexico? To answer, we looked at imports of more than 1,230 categories of goods for the year ending in March — the most recent 12-month period for which we have data from the Commerce Department.
The top of the list is ruled by components for the American auto industry. Deutsche Bank Securities economist Torsten Slok told The Washington Post that two-thirds of U.S. imports from Mexico are intermediate parts that U.S. companies use to produce goods. Chief among them? Cars.
-snip-
By Andrew Van Dam May 31 at 9:52 AM
Mexico is an integral part of the U.S. economy. It’s the source of most of the United States’ imported beer and tractors, to say nothing of the rest of the $346.5 billion in goods Mexico sent to the United States last year.
Those goods may soon be hit with a 5 percent tariff. President Trump said Thursday the tariffs will begin at 5 percent on June 10. They will rise an additional 5 percent each month until they hit 25 percent on Oct. 1. Those tariffs will remain elevated “until Mexico substantially stops the illegal inflow of aliens coming through its territory,” the White House said.
As tariffs ramp up, the price you pay for goods as varied as cars and cauliflower will probably rise. After all, companies tend to pass the costs of tariffs on to consumers, as National Economic Council Director Larry Kudlow acknowledged in May.
Beyond the ubiquitous avocados, what do we import from Mexico? To answer, we looked at imports of more than 1,230 categories of goods for the year ending in March — the most recent 12-month period for which we have data from the Commerce Department.
The top of the list is ruled by components for the American auto industry. Deutsche Bank Securities economist Torsten Slok told The Washington Post that two-thirds of U.S. imports from Mexico are intermediate parts that U.S. companies use to produce goods. Chief among them? Cars.
-snip-
Read more: https://www.washingtonpost.com/business/2019/05/31/mexico-becomes-largest-us-trading-partner-here-are-industries-that-could-be-most-hit-by-trumps-tariffs/
