US Tariffs Prompt Responses from Mexico and Concerns in the Toy Industry

Mexican President Claudia Sheinbaum stated on Tuesday, March 4, in Mexico City that there was no justification for the 25% tariffs imposed by U.S. President Donald Trump on imports from Mexico. She announced that her government would respond with both tariff and non-tariff measures, with details to be revealed on Sunday at a gathering in Mexico City's Zocalo. The Mexican peso experienced a slump of 1.5% against the U.S. dollar during Sheinbaum's press conference. Greg Ahearn, President and CEO of The Toy Association, warned that a 20% tariff on Chinese goods would be "devastating" for the toy industry. He noted that approximately 80% of toys sold in the United States are manufactured in China, citing the sophisticated manufacturing processes and skilled labor involved.