Mexico Strikes Back Levying Tariffs on U.S. Pork, Steel, Whiskey
Mexico will begin to tax a range of U.S. products in retaliation for tariffs on Mexican steel and aluminum that President Donald Trump announced last week.
The country will slap tariffs of 25 percent on certain cheese products, steel and Tennessee whiskey while imposing taxes of 20 percent on pork, apples and potatoes, according to a resolution published in the Official Gazette early Tuesday.
While other World Trade Organization members are also considering retaliating by targeting iconic American products -- such as bourbon whiskey and Harley-Davidson motorcycles -- the escalating tensions between Mexico and the U.S. may further complicate the renegotiation of the Nafta trade accord.
The peso sank to its weakest in more than a year earlier today on concern the U.S. may leave the North America Free Trade Agreement and try to negotiate two separate free trade deals with Mexico and Canada.
Mexico’s actions are within the rules of the WTO and Nafta, Mexican Economy Minister Ildefonso Guajardo told reporters on Tuesday.
"Within the context of the rights that the existing accord gives us, we are answering," Guajardo said.
https://www.msn.com/en-us/money/markets/mexico-strikes-back-levying-tariffs-on-us-pork-steel-whiskey/ar-AAyfOGB?li=BBnb7Kz
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