U.S. President Donald Trump said last week he will impose a 5% tariff on all American imports from Mexico starting June 10 to address his immigration concerns.
Goldman Sachs President and Chief Operating Officer John Waldron told Hungerford earlier Thursday that "for sure, Mexico has to worry" about Trump's threatened tariff because the country does "an enormous amount of trade" with the U.S.
The United States imported $346.5 billion of goods from Mexico in 2018, up 10.3% from the year prior, according to the USTR. Waldron said that the threatened tariffs on Mexico have added "more fuel to the fire in the overall trade situation" facing the global economy — a sentiment shared by many economists, with some saying it may even derail any potential deal between the U.S. and China.
"Trump's tariff threats to Mexico are going to make it more difficult to reach a trade deal with China, as they damage the credibility of the US as a negotiating partner," Simon Baptist, chief economist at consultancy The Economist Intelligence Unit, told CNBC in an email last week. He explained that China may now "see even less point in trying to reach a deal, and will certainly be less willing to make meaningful concessions as it is hard to see a credible mechanism to bind Trump to any deal."
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