Mexico strikes back at USA with tariffs on pork, steel, whiskey

Theresa May and Donald Trump

Theresa May and Donald Trump

Mexico said it would impose import duties on $3 billion worth of usa products, including cheese, bourbon, pork and others, making good on its threats that it would retailiate for us tariffs on steel and aluminum.

United States' pork exports to Mexico were worth more than USA $1 billion a year ago, according to government data, and between 2010 and 2017, 89.2% of all pork exports to Mexico came from the U.S.

The move comes one day after Mexico's Economy Ministry said it will start proceedings against the U.S.in the World Trade Organization, where it's seeking a dispute settlement over the USA tariffs on Mexican products - 25 percent on steel and 10 percent on aluminum - formally took effect last Friday.

Meanwhile, Trump advisor Larry Kudlow revived the possibility on Tuesday that the president will seek to replace the trillion dollar North American Trade Agreement (NAFTA) with bilateral deals with Canada and Mexico, a move that both countries say they oppose.

The British government issued its summary of the call first, contending May "raised the USA decision to apply tariffs to European Union steel and aluminium imports".

Other major pork processing companies that could feel the pinch of lower prices if Mexican tariffs lead to a glut in the United States include Tyson Foods Inc (TSN.N), Smithfield Foods Inc [SFII.UL] and JBS USA Holdings JBS.N. However, the Mexican economy relies more on trade than does the USA economy, with about 80 percent of its exports sold to America.

U.S. Senator Mark Warner, a Democrat from Virginia, called the new tariffs a "gut punch" to farmers in his state, who he said exported more than $68 million in pork to Mexico a year ago. "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.

Canada, Australia, New Zealand, Denmark, Chile, Spain, France, German, Italy, Belgium and the United States can all sell pork legs to Mexico, he said.

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

Trump to pardon pundit D'Souza for breaking campaign laws
President Donald Trump has announced on Twitter that he will fully pardon conservative writer Dinesh D'Souza on Thursday. And despite the fact that he leads the government, Trump has complained that the government treats him unfairly, too.

More tellingly, the statement warned that promises made at previous talks would not be upheld if the Trump administration carried through on its threat of tariffs.

At the same time as imposing the tariff on US pork, Mexico opened a 350,000-tonne quota for imports of the meat from other countries.

Canada, the second-largest trade partner, behind China, responded with "dollar-for-dollar" tariffs against USA steel and aluminum exports.

Whether a mortal or serious one is yet to be seen, said Ian Lee, a professor at Carleton University's Sprott School of Business.

The United States imposed tariffs of 25 percent on imported steel and 10 percent on aluminum in March, citing national security grounds.

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.

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

Minutes before, the prime minister spoke to Mr Trump by phone, telling him the tariffs are "unjustified and deeply disappointing", a spokesman said.

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.

Recommended News

  • Israeli Jets & Helicopters Strike 25 'Hamas Military Targets' In Gaza

    Israeli Jets & Helicopters Strike 25 'Hamas Military Targets' In Gaza

    It also said around 100 rockets and mortars fired from Gaza either exploded in Israel or were intercepted by air defences. Hamas' decision to stop the attacks suggests it means to avoid another war, one that might well end its control of Gaza .
    Viral video shows police officer repeatedly punching woman on New Jersey beach

    Viral video shows police officer repeatedly punching woman on New Jersey beach

    The officers involved in her arrest have been reassigned to administrative duty while the investigation is ongoing. In a since-deleted Facebook post, Weinman admitted to having beer on her but claimed that she wasn't drinking.
    Tom Arnold says he knew ‘Roseanne’ reboot ‘would not end well’

    Tom Arnold says he knew ‘Roseanne’ reboot ‘would not end well’

    Roseanne Barr has made a decision to stay on Twitter after all . President Donald Trump demanded an apology from Walt Disney Co. He said he "knew it would not end well".
  • Deaths, injuries reported after volcano erupts in Guatemala

    Deaths, injuries reported after volcano erupts in Guatemala

    Lesser amounts of ash reached the capital of Guatemala City about 25 miles away, forcing the closure of its worldwide airport. Most of the victims reported initially were from the village of El Rodeo, according to Guatemala's El Periódico newspaper.
    Tyronn Lue of Cleveland Cavaliers says confidence of team 'not shaken'

    Tyronn Lue of Cleveland Cavaliers says confidence of team 'not shaken'

    Mind you, those were merely asking prices before the series began-and not necessarily what people will ultimately pay for them. Smith's fumble. "I know it was a tie game", he said in a postgame news conference.
    Chelsea suspends new stadium plans

    Chelsea suspends new stadium plans

    The 51-year-old can not gain entry into the United Kingdom following his failed attempt to get his visa into the country renewed. Earlier, it was reported that Roman Abramovich got an Israeli citizenship and arrived in the territory of the country.
  • Ubisoft confirms Assassin’s Creed Odyssey after leak

    Ubisoft confirms Assassin’s Creed Odyssey after leak

    While Origins was a departure from the series' roots, Odyssey will apparently push it even further into RPG territory. Now, having taken 2017 off as well, Ubisoft is back this year with Assassin's Creed Odyssey .
    Kanye West's New Album 'Ye' Is Here

    Kanye West's New Album 'Ye' Is Here

    "No caller ID. 'Yo, I think we should change the artwork...'" Pusha said that he "loves" Kanye's choice. As for his audience, we can go back to searching for the next artist that will make us feel new again.
    Trump to give 'full pardon' to Dinesh D'Souza

    Trump to give 'full pardon' to Dinesh D'Souza

    He also investigated unfounded claims, supported by Trump, questioning Obama's citizenship. Trump said she was "unfairly treated" and "used to be my biggest fan in the world".
  • Serena shows plenty of fight to subdue Barty

    Serena shows plenty of fight to subdue Barty

    She managed to maintain her intensity to claim the second set 6-3 and sealed it with an ace after just over an hour of action. The American was also asked whether her experience of being at a Grand Slam had changed since becoming a mother.
    Friday Is National Donut Day, and You Know What That Means

    Friday Is National Donut Day, and You Know What That Means

    Held annually on the first Friday of June, the National Donut Day was first established by The Salvation Army in Chicago in 1938. Word spread quickly among the soldiers - "If you're hungry and broke, you can get something to eat at The Salvation Army ".
    Trump tariffs show Liam Fox

    Trump tariffs show Liam Fox "as useful as a chocolate fireguard"

    Trump called "satisfactory" deals to head off tariffs , but Canada, Mexico and the European Union apparently fell short. After the US action, the European Union announced plans to bring its case against the USA tariffs to the WTO on Friday.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.