Home » Money

Mexico to Add Retaliatory Tariffs on US Imports Amid Trade Spat

06 June, 2018, 03:28 | Author: Sara Gill
  • Cecilia Malmstrom the European Union’s Trade Commissioner

Mexico's economy ministry said on Monday it would start a dispute settlement process at the World Trade Organization over the usa tariffs, joining the European Union in seeking WTO involvement against the new measures.

"Mexico can adjust the composition of the list of products originating from the United States", the ministry warned.

The Trump administration claims that these tariff increases are justified under Section 232 of the Trade Expansion Act of 1962, which permits an exception to trade rules to protect national security and are recognized under World Trade Organization rules.

"We wish him and his family well", a message from board of directors member Mark Holden said.

Those tariffs, which aimed to counter damage suffered by the Mexican steel industry from cheap Asian imports, were also seen discouraging triangulation of steel through Mexico into the US under Nafta.

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

'If the United States introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void, ' said a statement on Sunday from the Chinese government, which was carried by the official Xinhua News Agency. -China trade talks dissolved in a matter of days, expectations were low for Ross' visit this week.

The package targets products produced in states that are key to Republican political power, including the USA farm belts that supported Trump in the 2016 presidential election.

The Koch brothers have repeatedly found themselves at odds with President Trump, and recently announced an "aggressive" new campaign against his trade tariffs.


It's not very surprising that the libertarianish Kochs support free trade and oppose trade wars. "Everybody has been predicting this because of the steel and aluminum tariffs".

Charles and David Koch are two of the Republican Party's biggest billionaire donors, supporting an agenda of endless, multinational free trade agreements and open borders that keep USA wages stagnant. "The U.S. has been ripped off by other countries for years on Trade, time to get smart!"

Trade ties between Canada and the United States have soured since Trump took power in January 2017.

Washington and Beijing have threatened tit-for-tat tariffs on goods worth up to $150 billion each, as Trump has pushed Beijing to open its economy further and address the United States' large trade deficit with China.

Washington exports apples valued at $200 million to $250 million to Mexico every year, representing 10 percent of its total market, Todd Fryhover, president of the Wenatchee-based Washington Apple Commission, said Tuesday morning. Canada has also strongly objected to the metals tariffs.

USA equity markets are trading higher on Monday, much to the surprise of bearish traders who were betting on a global trade war to disrupt the rally and perhaps fuel a mild downdraft.

Quebec's provincial government said Monday that it's prepared to financially support smaller aluminum producers hit by USA tariffs, much as it did with the softwood lumber sector.

Other countries that export pork to Mexico have been allocated a collective tariff-free quota of 350,000 tonnes that will remain in effect until the end of this year.

Recommended:



Popular

GDP Growth Projection for Asia, 2018
Capacity utilisation remains at 75 per cent, an indication that investment activity has picked up but not across sectors. The pickup in growth surely offers a boost to prime minister Narandra Modi, who will be seeking a second term next year.

Game 2 features full Stephen Curry experience, a show unlike any other
He also became the sixth player to ever make 300 3s in the postseason, joining Curry as the Warriors to reach the feat. Curry, who has a history of ankle injuries , chipped in with his own thoughts: "You should have asked me", he noted.

Cavs' Love, Thompson avoid suspension for Game 1 altercation
The NBA has fined Tristan Thompson $25,000 for his involvement in the skirmish in Game 1 of the NBA Finals, the league announced. Kevin Love has every reason to be perturbed, considering the ruling nearly matches word for word his description of the play.

When Real Madrid come calling, you have to listen at least
Germany national team manager Joachim Low has denied any interest in filling the new vacancy at Real Madrid . Zidane stepped down from the Madrid manager's position just five days after winning the Champions League .

Michael Avenatti warned by federal judge about 'publicity tour'
The FBI is still working to access two blackberries, as well as going through the contents of a shredding machine, lawyers said. Wood also noted that Avenatti could potentially affect whether or not Cohen is given a fair trial if the case ever gets far.

Leaked merchandise photos seem to confirm next Assassin's Creed title
Right before E3 Assassin's Creed Odyssey has been leaked, and Ubisoft has since confirmed it too. One of my favorite parts of Assassin's Creed: Origins was exploring the city of Alexandria.

National Doughnut Day deals in Colorado Springs
Duck Donuts customers can each get one free classic donut, while those who stop in at Fractured Prune Doughnuts can get their O.C. Theyre also running a Facebook contest to win free doughnuts for a year for writing about why you love doughnuts.

Two lions, two tigers and a jaguar escape from German zoo
Eifel Zoo has nearly 400 animals of 60 exotic and native species, including lions, tigers, and other big cats on its 30-acre site. The caution has come even though the escaped animals are still believed to be on the grounds of the zoo.

Kim talks still not confirmed - but there’s progress, Pompeo says
Russian Federation is the latest major nation to reach out to North Korea since Trump accepted Kim's proposal for a summit. North Korea has invited foreign journalists into the secretive state to show the dismantling of nuclear test sites.

Trump to impose steel and aluminum tariffs on Canada as of midnight
It prompted threats of retaliation from the European Union on United States products before the policy was abandoned. Europe, Canada, and Mexico are not China, and you don't treat allies the same way you treat opponents", said Sen.