Devastating analysis shows Trump's trade war has massively helped Mexico -- while hurting America
President Donald Trump is doubling down on his latest threats to close all or part of the US border with Mexico. (AFP / Nicholas Kamm)

President Donald Trump's trade war is wreaking havoc on many American farmers -- but it turns out that Mexico is actually benefiting.

Business Insider reports on a new analysis by the International Monetary Fund showing that imports from Mexico, which Trump has regularly attacked for supposedly "taking advantage" of the United States, have skyrocketed ever since Trump began slapping massive tariffs on products imported from China.

"US imports from Mexico have also offset those from China over the past year," Business Insider writes. "After President Donald Trump's administration imposed tariffs on $16 billion worth of Chinese products last year, US imports from China decreased by $850 million, and those from Mexico increased by a similar amount."

Business Insider also reports that the IMF has found that American businesses are paying "almost entirely" for the tariffs enacted by the president, which completely undercuts his claims that his tariffs are only hurting China.

"Tariff revenue collected has been borne almost entirely by US importers," the IMF said while citing data from the U.S. Bureau of Labor Statistics. "There was almost no change in the (ex-tariff) border prices of imports from China, and a sharp jump in the post-tariff import prices matching the magnitude of the tariff."