Trump’s Tariffs Are Pushing Mexico Back Toward Low-Value Exports

US tariffs pushed by President Donald Trumpand supply-chain disruptions are eroding Mexico’s gains as a manufacturing hub, raising the risk that the country slips back into exporting lower-value goods that create few jobs or investment opportunities.

On the surface, Mexico’s exports are still breaking records, giving President Claudia Sheinbaum a headline number to tout as proof of economic resilience. Shipments surged nearly 33% from a year earlier in April to $72 billion, according to official data released Monday. Imports climbed 24% to a record as well, but with a telling detail: intermediate goods used in manufacturing and assembly made ...