U.S. tariffs on Mexico, Canada step backward in ties: Mexican employers group

Mexico City, March 5 -- Washington's decision to impose tariffs on products from Canada and Mexico represents a "step backward" in trade ties, the Employers Confederation of the Mexican Republic (Coparmex) said Tuesday, as the tariffs took effect.

In a statement, the business group said that the measure contradicts the principles of the existing free trade agreement between the three North American countries, the United States-Mexico-Canada Agreement (USMCA), and creates uncertainty in productive sectors.

"The impact of this measure will be significant," Coparmex warned of the 25-percent tariffs on Canadian and Mexican imports into the United States.

The trade measure could plunge Mexico into a recession, devalue the currency to above...