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Mexico to impose tariffs on U.S. goods

06 June, 2018, 03:30 | Author: Shawna Walton
  • Harley-Davidson motorbikes will be hit with new tariffs

The Prime Minister's official spokesman characterised the 30-minute call as "constructive" and said they agreed to discuss the issue further at the G7 summit in Canada later this week.

Following news of the new Mexican tariffs, which take effect immediately, the peso tumbled to its weakest level since February 2017, making it one of the worst performers among major currencies.

Mexico said it would counter USA tariffs on industrial metals with reciprocal measures against US agricultural goods and flat steel.

Mexico said on Monday it will file a complaint with the World Trade Organization over United States tariffs on its steel and aluminum.

Mexico's trade negotiators designed the list, in part, to include products exported by top Republican leaders' states, including in, where Vice President Mike Pence was formerly governor, according to a trade source familiar with the matter.

Along with his brother, he has made an indelible mark on the promotion of conservative causes, so much so that former Senate Majority Leader Harry Reid blasted Republicans as having a "Koch addiction".

The president of the U.S. National Pork Producers Council said Mexico accounted for almost 25 percent of all pork shipments a year ago, adding that "a 20 percent tariff eliminates our ability to compete effectively in Mexico".

The shadow worldwide trade secretary, Barry Gardiner, said the issue must be given a formal place on the agenda at the forthcoming G7 summit in Canada.

Chicago Mercantile Exchange hog futures at one point fell more than 2 percent following the Mexico pork tariff announcement.

And Beijing threatened to raise tariffs on goods like soybeans, corn, beef, oranges, and tobacco in the wake of the president's threat of $50 billion levy on their goods.

The United States and China seemed to have reached a breakthrough previously, only for that agreement to come quickly undone.

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

Theresa May has told President Donald Trump in a phone call that United States tariffs on European Union steel are "unjustified and deeply disappointing". Those tensions continued last week, with Navarro dismissing Mnuchin's quote that the Trump administration was "putting the trade war on hold" as "an unfortunate soundbite".

The list of US agricultural products, almost all of which will be subject to taxes of 15 percent to 25 percent, also includes Tennessee or bourbon whiskey and cranberries.

The Mexican peso dropped to its weakest level since February 2017 following the government's announcement, to trade at more than 20 to the USA dollar.

Now, however, the Trump administration argues that the cost of not responding to China's "unfair trade practices - including dumping, discriminatory non-tariff barriers, forced technology transfer, over capacity, and industrial subsidies -" is more costly than the economic hit of tariffs.

Canada sent 84 percent of its steel exports, worth C$9 billion, south previous year, according to Statistics Canada. Industry officials have told Reuters that Mexico could buy pork from Canada tax-free because of NAFTA or the European Union.

The rally in the stock market also proves that investors don't believe the G-7 has the power to influence the USA decision to impose tariffs despite its expressed "concern and disappointment".

A worker cuts a piece from a steel coil at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, U.S., March 9, 2018. Along with his brother Charles, David Koch has helped lead the rise of the Tea Party, which some say opened the door for Donald Trump's ascension to the presidency. "To suggest that it's news that Congress would want to reclaim powers that belong to the executive branch, I don't think is exactly newsworthy", he said on CNN.

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