Trump confirms new 25% tariffs on Canada and Mexico. Markets and the Federal Reserve are in panic mode, but they're wrong.

In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico, according to the Distilled Spirits Council of the United States, a trade group. The U.S. imported $537 million worth of Canadian spirits, including $202.5 million worth of whisky.

Canada, China, and Mexico are the United States' three largest trading partners. In 2023, the last full year for which data are available, the U.S. imported $475 billion of goods from Mexico, $426 billion from China, and $418 billion from Canada.