Source: LMC Automotive
The US plans to impose a 5% tariff on all imports from Mexico, starting on June 10. The duty will increase by 5% every month, until reaching a cap of 25% in October
In 2018, a total of $372 billion in goods and services were imported from Mexico, while the US exported $299 billion to Mexico. Completed vehicles and auto parts from Mexico accounted for $93 billion, or 25% of the total, while vehicles and parts to Mexico amounted to $22 billion, or 7% of the total.
How will these tariffs affect the industry?
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