Mexico hits United States pork, cheese, grapes in reply to Trump tariffs

Mexico hits United States pork, cheese, grapes in reply to Trump tariffs

British Prime Minister Theresa May outlined her deep disappointment at "unjustified" United States steel and aluminium tariffs in a phone call with President Donald Trump on Monday (June 4), her office said.

Following news of the new Mexican tariffs, which take effect immediately, the peso tumbled to its weakest level since February 2017, leading losses among major currencies.

The move has also dismayed some domestic businesses, including pork producers, who now face a 20% tariff on exporting leg and shoulder to Mexico.

"All economic and trade outcomes of the talks will not take effect if the US side imposes any trade sanctions including raising tariffs", the statement said, as reported by Xinhua.

Numerous products targeted are produced by exporters in states that are politically important to United States President Donald Trump. When Harry Reid was Senate majority leader, the Nevada Democrat routinely railed against the duo in the run-up to the 2014 midterm elections as "power-drunk billionaires" intent on buying American elections to suit their purposes.

U.S. President Donald Trump announced the duties in March, arguing they were necessary to shield his country from unfair competition and ensure national security.

"We're anticipating that some conversations are going to happen this week at the G7", he added, in reference to the leaders' summit in Charlevoix, Que.

"We need trade and one of the things we're concerned about is long-term implications that these trade issues will have on our partnerships with Mexico and Canada and other markets", said Iowa Secretary of Agriculture Mike Naig, a Republican. The Trump administration has also threatened to press ahead with at least US$50 billion in tariffs on Chinese products.

Officials said David Koch would transition to a director emeritus role at the company, the second largest privately held firm in the United States. -China trade talks dissolved in a matter of days, expectations were low for Ross' visit this week.

The tariff increases are created to hit areas that are politically favourable to Trump, such as pork production, Mexican experts said.

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Mexico said on Monday that it will complain to the WTO over the United States measures, saying that it violates the organization's agreement on safeguards by not having been adopted in accordance with the procedures provided, in addition to violating the General Agreement on Tariffs and Trade.

It's not very surprising that the libertarianish Kochs support free trade and oppose trade wars.

Ottawa hit back with proportional Can$16.6 billion ($12.8 billion US) in tariffs on USA steel and aluminum as well as consumer goods. 'Big trade barriers against US farmers, and other businesses, will finally be broken.

The United States and Mexico do $600 billion in annual trade and about 16 percent of USA goods exports go to its southern neighbor.

Counting only goods and excluding services, as US President Donald Trump frequently does, the US trade deficit rose to a record $375 billion past year.

Mexico - a net importer of United States steel - is also putting 25% duties on a range of American steel products. Last week Washington said it was ending a two-month exemption it had granted to imports from Canada, Mexico and 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 US decision to impose tariffs despite its expressed "concern and disappointment".

He believes that it is at best outdated, and all the concessions that the USA made after World War II to Europe and Asia are no longer appropriate.

"We do not want a trade war, most rational people believe there are no winners", he said. If the president delivers on all his tariff threats, $475 billion in goods would be affected, and core inflation would speed up by about 15 basis points, according to Goldman.

The apple trade industry will shift its focus to increase sales to US markets and exports to countries that don't have import tariffs, he said.

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