Officials from Mexico, Canada and China and major industry groups warn that U.S. President-elect Donald Trump’s threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.Trump’s pledge announced on Monday roiled currency, bond and equity markets on Tuesday, as the three countries are the United States’ largest trading partners. Mexico and Canada are particularly intertwined in U.S. auto production and energy output thanks to decades of trade agreements between the North American neighbors.Trump’s plan to impose a 25% tariff on Canadian and Mexican imports on his first day in office does not exempt crude oil as industry executives had hoped, two sources familiar with the plan said on Tuesday.
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