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IPC COMMUNITY 16 WINTER 2025 INDUSTRY INTELLIGENCE By Shawn DuBravac, Ph.D., IPC Chief Economist Who bears the cost in these shifting trade patterns? During his 2024 presidential campaign, President Donald Trump suggested imposing a uni- versal tariff of at least 10% on all imports, as well as a 60% tariff on goods originating from China. More recently, he proposed imple- menting blanket tariffs of 25% on all products imported from Canada and Mexico and adding a further 10% tariff to all existing duties on Chinese imports. These potential measures emerge against a backdrop of shifting trade patterns. In 2023, Mexico surpassed China as the United States' top source of imported goods for the first time since the early 1990s, helping make Mexico the leading U.S. trad- ing partner, followed by Canada and then China. Trade Tensions and Tariffs

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