Chinese companies looked to Mexico more than most. Their investment in the country has surged. Mr Trump (who has already threatened to apply a tariff of 25% to Mexican imports “on day one” unless it stops migrants and drugs from illegally crossing the border) believes those firms are using Mexico as a tariff-free gateway to the United States.

Trump plans to order “very serious tariffs” against Canada and Mexico — and vowed to rechristen the Gulf of Mexico.

Business leaders in Mexico say the incoming U.S. administration will enhance the appeal of their factories as an alternative to plants in China.

The three countries under threat of new or increased tariffs by President-elect Donald Trump have not reacted kindly to the bad news.

President-elect Trump talked tough on tariffs on his way to securing a resounding win for Republicans in November, and now businesses are preparing for a trade war that could eclipse the one that Trump kicked off in 2018 during his first term.

MEXICO CITY - Mexico's tax authority SAT issued new tariffs on Tuesday, which it said will strengthen the surveillance of goods from Asia, a measure that could impact popular online retailers like Shein and Temu.

China countered U.S. President-elect Donald Trump’s claims about the Panama Canal. Brazilian labor authorities uncovered “slavery-like conditions” at a construction site for Chinese

US wins multibillion-dollar cross-border corn dispute with Mexico; China-based carrier launches new ship for Mexico trade route; Volkswagen moves Golf vehicle manufacturing to Mexico; and Parts Town opens Phoenix area distribution center.

Mexico’s new tariffs on apparel and courier goods aim to protect domestic industries, tighten trade accountability, and reshape its role in global supply chains while challenging nearshoring strategies.

“The Texas economy is deeply connected with Mexico in particular, and also with Canada,” he said. “A lot of the business that Texas does with Canada, of course, comes through the oil side of things, where we import crude oil from Canada and refine it on the Gulf Coast.

The president-elect would hurt U.S. consumers and businesses, while creating a new opportunity for China. He's likely to alienate some core supporters.

In Mexico, Chinese cars are being seen as more premium alternatives, with sales rising. Audi and Mercedes Benz sales in Mexico dropped by 21.9 percent and 9.8 percent respectively. Buyers are moving away from luxury sedans and into cheaper options, as well as EVs.