Mexican Economy Minister Marcelo Ebrard, speaking alongside Sheinbaum, called for more regional cooperation and integration instead of a war of retaliatory import taxes.
"It's a shot in the foot," Ebrard said of Trump's proposed tariffs, which appear to violate the USMCA trade deal between Mexico, Canada and the U.S.
Ebrard warned the tariffs would lead to massive U.S. job losses, lower growth, and hit U.S. companies producing in Mexico by effectively doubling the taxes they paid. "The impact on companies is huge," he said.
The proposed tariffs would hit the automotive sector's top cross-border exporters especially hard, Ebrard added, namely Ford, General Motors, and Stellantis.
Ebrard noted that 88% of pickup trucks sold in the U.S. are made in Mexico and would see a price increase. These vehicles are popular in rural areas that overwhelmingly voted for Trump.
Reuters interview with Mexican President