Published: Wed, June 06, 2018
Money | By Ethel Goodwin

Trump tariffs: Mexico retaliates against U.S. products

Trump tariffs: Mexico retaliates against U.S. products

Other products affected by the new tariffs include apples and potatoes. The retaliatory measures also include 20% on pork products, 20% and 25% duties on cheeses, and a 25% duty on bourbon.

Canada sent 84 percent of its steel exports, worth C$9 billion, south a year ago, according to Statistics Canada.

That's European Union trade commissioner Cecilia Malmström's account of last-minute talks with the Trump administration that failed to produce a breakthrough and led to the imposition of USA tariffs on steel and aluminum from Europe.

The failure to come to a deal over the weekend, more than a sign that the tariffs are coming, might more likely be a sign that the White House is waiting to see how the Kim summit shakes out.

Other US allies have also reacted with fury and retaliation, with fears building of a global trade war.

Days after the president moved forward with imposing steel and aluminum tariffs on the European Union, Canada and Mexico, three political groups affiliated with the billionaire Koch brothers are launching a multi-year, multi-million dollar campaign to tout free trade and oppose tariffs, ABC News has learned.

Numerous products targeted are produced by exporters in states that are politically important to United States President Donald Trump.

But he said even that amount "would not address the underlying, long-run concerns the United States has with China". One will raise tariffs, a type of tax, causing the other to respond, in a tit-for-tat escalation.

The dispute with Mexico over tariffs makes it more hard to conclude months of talks on renegotiating NAFTA between the three countries, talks that began past year because Trump said the deal needed to be reworked to better serve the United States.

Mexico on Tuesday slapped a 25% import tariff on a wide range of steel products from the USA, matching the US steel duty. "That's why this issue is so important", Freedom Partners executive vice-president James Davis said in a statement.

"The Liberal government is the government that put supply management in place and it is the Liberal government that will protect supply management".

"And I would just say to all of Canada's American friends, and there are so many: Seriously?" And they want trade to flow freely - something that makes them loathe tariffs.

De la Vega said he expected USA pork farmers who rely on the Mexican market to offer discounts to safeguard their relationships with buyers.

However, one Mexican producer disagrees with Hernández's assessment that pork prices won't rise.

Canada is the No. 1 steel exporter to the United States.

"In no way is this [tariff list] publication revenge".

The tariff dispute has further complicated already contentious and prolonged NAFTA negotiations and created further uncertainty about the future of the trilateral agreement.

MPs called for even tougher retaliatory steps, with Labour MP John Mann suggesting the United Kingdom impose "golf tariffs" aimed at Trump's properties.

Trump's decision to penalize some of America's best friends is consistent with his approach of pressing allies and wooing foes, betting he can extract things from both to benefit the United States - and his resume.

Freeland's comments on the tariffs mirror remarks Prime Minister Justin Trudeau made on NBC's "Meet the Press" earlier on Sunday.

Like this: