The new truck tariffs that the Trump administration plans to impose from November 1 could cost Mexico $15 billion, as the country is a major supplier of trucks to the US, according to Luis Rosendo Gutierrez, Mexico's deputy minister of economy and foreign trade.
“The heavy-duty truck tariffs will affect exports worth $15 billion“, he said at a forum organized by Bloomberg. He added that Mexico supplies 70% of the heavy-duty trucks that the US buys. This makes them important for the country's economy. The agency notes that Mexican President Claudia Sheinbaum has previously said that she intends to discuss the new tariffs with Trump. She noted that Mexico could be hit hardest by the tariffs, despite the fact that the change would affect all trucks imported into the United States, not just Mexican ones.
On October 6, Trump announced the imposition of a 25% tariff on all medium and heavy-duty trucks entering the United States from other countries, effective November 1.
On July 12, the US president announced the imposition of a 30% tariff on Mexican goods imported into the United States, effective August 1. He claimed that Mexico has not done enough to prevent the smuggling of fentanyl into the United States by drug cartels. Trump said that the tariffs would be removed if Mexico began manufacturing its products in the United States. Later, after a phone call with the Mexican leader, Trump agreed to extend trade negotiations and existing agreements with Mexico by 90 days.