Mexican authorities announced Tuesday their decision to impose a stiff tariff on USA pork products; slamming the American pig industry with a hefty 20% tax in retaliation to President Trump's recent tariff on North American steel and aluminum.
President Trump has imposed steep tariffs on steel and aluminum from three of America's biggest trading partners - Canada, Mexico and the EU.
Mexico will begin to tax a range of US products in retaliation for tariffs on Mexican steel and aluminum that President Donald Trump announced last week. The order stipulates charges of 15 percent to 25 percent on US farm goods including pork, cheese, apples and potatoes, bourbon whiskey and cranberries.
USA steel products on the list include steel plates, bars and rods, along with rolled steel.
Canada is imposing tariffs on $12.8 billion worth of USA products.
In addition to calling for the removal of the steel and aluminum tariffs, the Koch network will also use the campaign as a mechanism to urge Trump to modernize the North American Free Trade Agreement (NAFTA), resume negotiations on the Trans-Pacific Partnership (TPP), and lift proposed tariffs on imports from China.
Canada's government vowed on Monday to do all it could to protect its steel and aluminium sectors from US tariffs but sidestepped an industry call to strike back quickly, saying it needed time to study the issue. Some 84 per cent of its steel exports, worth $9.0 billion, were sent south past year, according to Statistics Canada. China has warned it would cancel any promises over trade with the US if the Trump administration moves ahead with planned tariffs.
Another trade war is brewing - one between President Trump and the Koch brothers.
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"Plans have been laid in place", he said."We'll see what happens".
Gardiner said there would be "no winners" if the European Union and the USA entered a full-scale trade war.
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.
Trump does agree with May and Trudeau on one thing: All have mentioned discussing the matter later this week when they all will participate in a G7 summit in Quebec, Canada. Industry officials have told Reuters that Mexico could buy pork from Canada tax-free because of NAFTA or the European Union.
Mexico announced its response to Trump's move last week but it did not provide details of tariff levels or a full list of products at the time. "We can do it. Golf - he likes golf - let's have some golf tariffs on golf owners in Scotland".
In talks in Beijing over the weekend, China offered to buy close to $70 billion in US agriculture, energy and manufacturing products over a year as part of a package meant to ward off USA tariffs, according to a person briefed on the talks with the White House.