Tara Hariharan, managing director of global macro research at NWI Management: “Thanks to extensive supply chain integration with the United States, competitive labor costs and USMCA trade deal perks, Mexico last year overtook China as the largest source of U.S. imports and attracted an 18-year-high $36 billion of foreign direct investment. GM, Kia and BMW have made electric vehicle (EV) investments in Mexico, and the U.S.-led Western Hemisphere Semiconductor Initiative will promote chip assembly and packaging in the country. However, China—notably EV maker BYD—also targets Mexico as a trans-shipment hub to circumvent U.S. tariffs. Tesla’s hesitation regarding a Mexico plant thus anticipates action to prevent Chinese overcapacity flooding the United States through Mexico. Trump proposes tariffs of 10 percent on all U.S. imports, 60 percent on Chinese goods and…”
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