Published: Thu, June 07, 2018
Markets | By Terence Owen

Mexico imposes tariffs on $3 billion worth of United States exports

Mexico imposes tariffs on $3 billion worth of United States exports

Trudeau and Mexican President Enrique Pena Nieto renewed their commitment to NAFTA last week after the tariffs were imposed.

In retaliation for the Trump administration announcing tariffs on steel and aluminum imports from Mexico and much of the rest of the world, Mexico Tuesday imposed a series of tariffs against USA exports to its market valued at $3 billion.

The White House recently confirmed President Trump is considering separate trade deals with Canada and Mexico rather than a new NAFTA deal.

"Don't blame Trump. Blame the nations that have broken away" from fair trade practices, Kudlow told reporters at a White House press conference.

Some White House officials are discussing additional economic penalties in response to the $13 billion in retaliatory tariffs Trudeau has promised, the Washington Post reported Wednesday.

When asked if the comment was received as a joke, one source on the call said: "To the degree one can ever take what is said as a joke".

Last week, the USA imposed steel and aluminum tariffs on the European Union, Mexico and Canada.

A range of retaliatory measures against the United States' metal tariffs took effect today, including 20% duties on USA pork, apples and potatoes. Canada dominates, supplying more than a quarter of all USA steel, aluminum and iron imports in 2016. Given that Trump doesn't even know the words to God Bless America, I think it's safe to say that this line was exactly as dumb and ill-informed as it sounds*.

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But officials from the three countries have been unable to find consensus on several critical issues, leading to finger-pointing between Trump and Canadian Prime Minister Justin Trudeau in recent days.

In a radio interview this morning, foreign trade undersecretary Juan Carlos Baker rejected any claim that the tariffs amount to revenge on the United States, charging instead that Mexico was simply acting within its rights.

"Why is the prime minister waiting.to impose steel and aluminum countermeasures when those US tariffs are in effect right now?"

Washington has demanded that Beijing take steps to open its markets further to US goods. Some further tariffs will come into force on July 5.

Mnuchin's support of legislation restricting Chinese investments that imperil the United States' national security is among his highest priorities, a Treasury spokesman said on Tuesday.

The National Economic Council Director said Trump is "the strongest trade reformer of the past 20 years", and is striving not only to protect American interests but to open up avenues of growth for American business and workers.

"Two hundred years ago, the United States invaded our territory", a narrator ominously said in one government ad.

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