Donald Trump’s proposed tariffs on Mexico would amount to the US “strangling” itself and are likely to force production to shift to south-east Asia, the head of one of the world’s largest manufacturers of car circuitry has warned.
Osamu Inoue, president of Sumitomo Electric, which makes parts for Volkswagen, Toyota and Stellantis, among others, said Trump’s threatened 25 per cent tariffs on Mexican goods would do more harm to US suppliers, which account for almost a third of car parts investment in Mexico.
“I think that’s strangling your own neck,” he said. “Up until now, many companies set up in Mexico to make things to send to the US, so if that supply chain comes apart then it will have a huge impact.”
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