Tuesday, 19 June, 2018

Mexico imposes tariffs on USA pork exports

Justin Trudeau Justin Trudeau , Bloomberg
Cristina Norman | 07 June, 2018, 13:58

The US tariffs have been condemned by nations across the world, with Canada last week announcing it will impose tariffs on as much as $C16.6 billion of US steel, aluminium and other products from July 1.

Trump expanded the tariffs on steel and aluminum to the United Kingdom, Canada and the European Union on May 31 after extending exemptions in March.

The other six countries signed a sharp condemnation of the president's tariffs earlier this week.

News agency Reuters said that the retaliatory tariffs could "have political implications in some hotly contested races" in the United States midterm elections in November, in which the Republican Party is seeking to maintain control of both houses of Congress. Administration officials are also weighing whether to withhold Trump's signature from the customary joint agreement issued at the end of the G-7 summit. The order stipulates charges of 15 percent to 25 percent on USA farm goods including pork, cheese, apples and potatoes, bourbon whiskey and cranberries.

Mexico is a huge importer of American pork.

Good luck, suggested Kudlow, the director of the U.S. National Economic Council.

"A trade war with Washington's agriculture trading partners and America's closest allies is not in anyone's interest", Newhouse wrote Tuesday.

"The United States economy is growing".

Economy Secretary Ildefonso Guajardo said that Mexico would now "surely" look to import more pork from Europe.

Other products affected by the new tariffs include apples and potatoes.

After returning from the G-7 finance ministers summit in Canada, Mnuchin made the case that the US has a $2 billion steel surplus with Canada and a almost $26 billion services surplus, and should consider making an exemption for its northern neighbor, according to the sources. Mexico sells about 80% of its exports to the US.

However, one Mexican producer disagrees with Hernández's assessment that pork prices won't rise.

His private meeting with Macron, he said, "will be an opportunity to talk about the relations between Canada and France that are going very well, but also to highlight the challenges that we are going to have around the G7 table, and to make sure we are aligned".

"In no way is this [tariff list] publication revenge". Mr Trump reportedly asked in a call with Mr Trudeau over new tariffs.

"I think the important thought here is he may be moving quickly towards these bilateral discussions instead of as a whole", Kudlow said.

The tariff dispute has further complicated already contentious and prolonged NAFTA negotiations and created further uncertainty about the future of the trilateral agreement.

With a trade war looming as a result of Trump's recent protectionist moves, now is probably not the right time to be making those kind of jokes.

When Mr. Trudeau announced retaliatory levies on a slew of US goods - from orange juice to pickles - and accused the Trump administration of ignoring "logic and common sense" on trade, Mr. Trump called out the Prime Minister by name in a statement that threatened to tear up the North American free-trade agreement. "It is a very different world view from previous US leaders in the post-World War II era".

Rising trade tensions between Canada and the United States threaten to drive the key allies apart.

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