Unexpected winner of rising American tariffs is Mexico

Wall Street Journal: Producers seeking a foothold in the U.S. have said that Mexico still has all the inherent advantages it had before tariffs—proximity to the U.S., a low-cost manufacturing industry and a frayed but intact free-trade agreement.

Even with steep tariffs on autos, steel and aluminum bound for America, Mexican manufacturing exports to the U.S. rose almost 9% from January to November, compared with the first 11 months of 2024, according to Mexican government data. Auto-industry exports to the U.S. fell close to 6% during the period, but exports of other manufactured goods surged 17%…