Editor’s Note: No cause for celebration

by Andrew Law.

Did Mexico dodge Trump’s tariffs? President Claudia Sheinbaum says yes. She told supporters this week that USMCA survived, that Mexico’s economy is strong, and that they should celebrate.

Mexico may have avoided new tariffs. But unlike various peer nations, it was already under heavy ones. Trump’s 25% tariff on non-USMCA auto imports kicked in Wednesday night. That hits over 40% of Mexico’s car exports. Steel and aluminum tariffs remain. And there’s the 25% general tariff on non-USMCA goods - about half of Mexico’s exports. These are already having impacts.

According to Sheinbaum, this week’s events shows the US “respects” Mexico and has a “good relationship” with it. If this is good, I’d hate to see bad.