Bank of Mexico Cuts Economic Growth Forecasts
MEXICO CITY–The Bank of Mexico lowered its economic growth estimates for this year and next, citing uncertainty about the impact of U.S. import tariffs and weakness in domestic consumption and investment.
In its quarterly report, the central bank said it expects Mexico's gross domestic product to grow 0.1% this year, down from it's previous estimate of 0.6%. The forecast ranges from a contraction of 0.5% to an expansion of 0.7%. For 2026, the bank cut its growth forecast to 0.9% from 1.8% previously.
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Yahoo
2 hours ago
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Leaders of Canada and Mexico lash out at Trump steel tariff hike
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Canada is also responsible for about 40 percent of aluminium imports to the US, followed by the UAE, Russia and Mexico. Carney's government has pledged to pursue retaliatory measures so long as Trump's tariffs remain in place. On Wednesday, one of Canada's largest labour unions, Unifor, called on Carney to take immediate action against the latest tariff hike, including by limiting the country's exports of critical metals to the US. 'Unifor is urging the federal government to act without delay to defend Canada's manufacturing sector and counter the escalating trade assault,' the union said in a statement. Premier Doug Ford — who leads the top manufacturing province in Canada, Ontario — also called for Canada to respond in kind and 'slap another 25 percent' on US steel imports. 'It's tariff for tariff, dollar for dollar. We need to tariff the steel coming into Canada an additional 25 percent, totalling 50 percent,' Ford told reporters. 'Everything's on the table right now.' 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CNET
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Expect Trump's Tariffs to Hike the Price of Home Appliances. Experts Share Tips for Saving Now
Key takeaways Tariffs imposed by the Trump administration, particularly on steel, aluminum, and goods from Mexico, Canada, and China, are expected to drive up prices for home appliances. Appliances with imported components and those assembled outside of the US are especially vulnerable to price hikes due to tariffs. Smart appliances containing semiconductor chips may face even higher price increases if additional tariffs are placed on semiconductors. Experts advise purchasing necessary appliances sooner rather than later due to potential future price increases and suggest looking for sales or building a savings fund to offset costs. Over the last few months, you've probably heard more about tariffs than you ever have before. Tariffs have been a big focus of President Donald Trump's second term and many companies have announced price hikes to offset tariff costs. 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"A lot of this will depend on the agreement with Mexico since many large appliances are assembled in Mexico," explained Patti Jordan, associate professor of professional practice at the Neely School of Business. "Product[s] manufactured primarily in China, such as vacuum cleaners, air purifiers and small appliances, will most definitely be impacted." The Trump administration has also wavered on its tariff policy, making it difficult for the industry to predict what's next. "It's the off-and-on tariff strategy that is leading to the supply chain instability more so than the tariffs – at least so far," Buffington added. Could smart home appliances see even higher price hikes? There's been talk of separate semiconductor tariffs from the Trump administration that could impact the prices of anything with a smart chip in it, including laptops and smart home tech. If initiated, an additional tariff on semiconductors could raise the cost of smart appliances even more. 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If you know you're going to need a new appliance this year, work toward building a sinking fund -- a short-term savings plan -- and contribute money toward your fund each paycheck. If you need to finance a purchase, factor in how much interest charges could add to your purchase. Interest rates are still high, so if you put the purchase on a credit card and can't pay it off in full in one to two months, you might end up paying more than what a tariff would cost you. Will buying appliances second-hand help you save money? The second-hand shopping market has reignited in the wake of Trump's tariffs, and it could be a good way to compromise and fit an appliance purchase into your budget this year. Experts don't expect the second-hand market to see price hikes directly from tariffs, but note that it's possible if the demand for second-hand products increases. "The second-hand market is a viable way to save -- at least in the short term," said Warrick, "As new appliance prices rise, more consumers will start considering used options, which could push up demand and eventually prices in that space too. But for now, it's a smart way to avoid tariff-driven sticker shock, especially for larger or smarter appliances." Shopping secondhand or repairing broken appliances won't always save you money, either. Purchasing an older model or fixing certain appliances could cost you more than the machine is worth, said Buffington. "For example, washing machines are around $400 - $1,000 so fixing an appliance or buying something that's 5 years old may not make sense if the lifespan is 10 years." Is buying US-assembled appliances a viable option? President Trump says one of the goals of his tariff policies is to encourage companies to ramp up manufacturing in the US. However, it's not as simple as flipping a switch. Shifting manufacturing from overseas to the US would take time -- and it has its own set of costs that could impact prices. "Clearly, the hope is that all these changes will lead to more 'Made in the USA' products, but in reality we don't have prepared industries to step in and begin producing these goods," said Josh Fischer, VP of product strategy at Cin7, an inventory management software developer. "It'll take years before we benefit from these changes, if at all." While you can find appliances that are assembled in the US, it doesn't mean all of their parts were manufactured here. Many have components that are imported from other countries, which could hike up the price tag regardless of where it's assembled. "What's happening in appliances is a microcosm of the larger supply chain story," Warrick said. "Tariffs don't just affect finished goods; they affect parts, sub-assemblies, and even packaging. So even if a product is 'Made in America,' if it contains foreign components, it's still vulnerable."
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Fund Managing Veteran Sees Fault in Alternative Assets
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