Mexico’s finance minister says that the U.S. will be “shooting itself in the foot” by imposing a 25% tariff on goods coming from Mexico, including parts and whole vehicles for American automakers. One of the most brazen examples of how President-elect Donald Trump’s threatened tariffs on Mexico will backfire

President-elect Donald Trump promised to impose a 25% tariff on all goods from Mexico and Canada on his first day in office. Imports from Mexico and Canada totaled $900 billion in 2023. Trump has proposed tariffs as a solution to government funding.

President Claudia Sheinbaum Pardo said tariffs could cause more inflation and result in job losses for the U.S. and Mexico.

Trump, who takes office on Jan. 20, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.

President-elect Donald Trump said he would impose the import tariffs — 25 percent for Canada and Mexico and 10 percent for China — as soon as he takes office.

Mexico said Wednesday the United States will be shooting itself in the foot if President-elect Donald Trump implements his threats to impose 25-percent tariffs on Mexican imports.He said he would charge 25 percent tariffs on Mexican and Canadian imports and 10 percent on Chinese goods "above any additional tariffs" on the world's second-biggest economy.

Over the weekend, President-elect Donald Trump made new tariff threats toward a number of nations, including some adversaries. The proposals include a 25% tariff on all Candian and Mexican imports, plus a 100% tariff on imports from the Brics Economic Alliance if it undermines the strength of the US dollar.