A flood of companies eyeing Mexico as a safe haven from the U.S. trade war with ...
MEXICO CITY - A flood of companies eyeing Mexico as a safe haven from the U.S. trade war with China risks evaporating after President Donald Trump last week threatened to unleash tariffs on Mexico too.
Take the recent experience of outsourcing firm Tecma Group, which saw a surge in interest from companies mulling a move to Mexico as Trump raised tariffs to 25% on $200 billion of Chinese goods. There are few available numbers to gauge how widespread the shift to Mexico from China has been. But data showing Mexico emerging as the top U.S. trading partner as China exports less to the United States, combined with anecdotal evidence, suggest a significant trend.
Similarly, camera maker GoPro Inc decided in early May to move most of its U.S.-bound production to Mexico from China to “insulate us against possible tariffs,” Chief Financial Officer Brian McGee told investors at the time. Bank UBS said Mexico had taken market share from China by selling products from a September 2018 U.S. tariff list.
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