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Goods imports from Mexico totaled $346.5 billion in 2018 (ustr.gov/COUNTRIES-REGI…)
A 5% tariff on that flow of goods amounts to a $17 billion tax increase.
A 5% tariff on that flow of goods amounts to a $17 billion tax increase.
In 2018, we imported $93 billion of vehicles, $64 billion of electrical machinery, $63 billion of machinery, $16 billion of mineral fuels, and $15 billion of optical and medical instruments from Mexico.
Mexico was the second largest supplier of imports to the United States in 2018. So, we’re imposing a tax on *everything* Americans buy from one of our largest trading partners.
And here’s a really fun part. Mexico is our largest supplier of agricultural products: fresh vegetables ($5.9 billion), other fresh fruit ($5.8 billion), wine and beer ($3.6 billion), snack foods ($2.2 billion), and processed fruit & vegetables ($1.7 billion).
And the rate will increase monthly, rising up to a 25% tariff.
If the tariff on imports from Mexico reaches 25%, we’d be looking at a significant tax increase—nearly $87 billion.
