Pablo Calderon Martinez, associate professor of politics and international relations at Northeastern University, has raised concerns over the recent U.S. decision to impose tariffs on Mexican steel. According to Martinez, these tariffs could have significant long-term repercussions for Mexico's economy and the global market.
Mexico is a key exporter of processed steel products essential for the construction industry. The newly imposed tariffs are expected to drive up steel prices in the U.S., leading to higher costs for construction and housing. This increase not only affects consumers but also poses challenges for the U.S. steel industry, which is already grappling with labor shortages.
Martinez warns that the combination of higher steel prices and limited labor could hinder the U.S. steel industry's ability to meet demand, thereby exacerbating the overall economic impact of the tariffs.
Reference(s):
Expert: Tariffs on Mexican steel will have long-term economic impact
cgtn.com
