CITY OF MEXICO, (Sputnik) – Mexican Foreign Minister Marcelo Ebrard said on Friday that Mexico would likely have lost the trade war with the United States that could have erupted if US President Donald Trump had made good on his threat to impose new tariffs on Mexican goods.
“The United States depends on Mexico for 15 percent, while Mexico depends 80 percent on this trade flow. What will we gain in a trade war that we are going to loose with these 25 percent duties?” Ebrard said during a press conference.
Last Friday, Trump announced that the US and Mexico had reached a deal under which Washington would abandon the plans on the tariffs. The deal stipulates that Mexico will deploy its National Guard to its southern border and work to dismantle human smuggling networks, according to the text of a joint bilateral declaration published by the US State Department.
On May 30, Trump said the United States would impose a 5 percent tariff on all goods imported from Mexico beginning on June 10 and increase the tariffs to 25 percent by October unless Mexico alleviates the illegal immigration crisis.
Caravans of migrants from Central American countries seeking asylum began to move toward the United States through Mexico last fall. Trump called the surge of arrivals a crisis and declared a national emergency in February to secure funds to build a wall on the border with Mexico.