Mexico Hits US With Retaliatory Tariffs

That led to threats of retaliation.

The federal government also continued its outreach with top US lawmakers on Tuesday.

In its initial reaction to the new USA tariffs on May 31, Mexico had said it would keep its retaliatory levies in place till the US government rolled back its decision.

"The idea that we are somehow a national security threat to the United States is, quite frankly, insulting and unacceptable", Trudeau said in an interview with NBC News. China has warned it would cancel any promises over trade with the U.S. if the Trump administration moves ahead with planned tariffs. But in an odd twist, American consumers could eventually pay less, especially for pork products.

To see why these three US allies are so upset, one need only look at the biggest suppliers of USA metals.

Trump defended his decision on tariffs on Canada and other USA allies in a tweet over the weekend.

Mexico is the second biggest market for United States' pork exports and one-third of all pork consumed domestically comes from north of the border.

The EU also has announced a series of retaliatory tariffs of 25% on roughly 200 American products, including orange juice, that are set to take effect in July. By comparison, China buys just $116 billion.

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They say the group has been known to harbor ideological differences on major economic issues and the meeting adjourned without any clear resolution to the matter. The U.S. imports $417 billion in goods from the European Union, $294 billion from Mexico and $278 billion from Canada.

The top Trump aide spoke hours after the WTO circulated formal complaints from Canada and the European Union against steep tariffs imposed by the USA last week.

So far, only Canada and Mexico have done so. Those products include USA steel and aluminum as well as food an other agricultural products.

Mexico imported about $1 billion worth of pork past year.

Angela Hofmann, deputy director of Farmers for Free Trade, said the tariffs will exact immediate and painful consequences on US farmers and the domestic economy.

Trump late last month announced that tariffs on US$50 billion worth of Chinese imports will be finalised by June 15 with investment restrictions due by June 30 and that both measures will be implemented shortly after those deadlines.

Countries that import USA pig meat. Certain cheeses and bourbon will be hit with 20% to 25% duties. The United States trade representative office told the Washington Post that the USA actually has a trade surplus with Canada. The automotive industry is particularly vulnerable in this regard.

When asked whether or not they think Trump's actions will cause a trade war, 62 percent of participants said it is likely, with 20 percent saying that result is unlikely and 19 percent stating they had no opinion. A negative judgment at the WTO could result in the US having to compensate aggrieved foreign producers or face broader retaliatory measures. On Monday, the country also said it would start proceedings in the World Trade Organization against the USA tariffs, a move already being followed by Canada, China, India and a number of other countries. One estimate put it at an additional $175 per vehicle. "The President's trade war is going to cost Virginia ag jobs".

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