Mexico imposes tariffs on $3 billion worth of United States exports

Mexico imposes tariffs on $3 billion worth of United States exports

Mexico imposes tariffs on $3 billion worth of United States exports

CNN reported that after Trudeau objected to the national security rationale, Trump replied: "Didn't you guys burn down the White House?"

President Donald Trump's chief economic adviser Larry Kudlow is defending tough trade action on China and us allies, saying the world is not on a level playing field.

Cornyn's bill to overhaul the Committee on Foreign Investment in the U.S., which predates Trump's recent trade crackdown, would expand the scope of foreign investments that are reviewed for national security concerns.

The Commerce Department said foreign production of steel and aluminum was driving down prices and hurting US producers, creating a "national security threat".

"There are disagreements. He's sticking to his guns".

The National Economic Council Director said Trump is "the strongest trade reformer of the past 20 years", and is striving not only to protect American interests but to open up avenues of growth for American business and workers.

Mexico has been a valuable trade partner, as it has become a significant source of US imported crude oil.

That put it behind only Canada in terms of the value of USA exports.

The EU came second at 14 percent, while Mexico ranked fifth with 5.4 percent of USA imports.

British Prime Minister Theresa May called Trump's tariffs "unjustified" and Trudeau said the national security rationale for imposing them was "insulting and unacceptable".

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Mexico has announced new tariffs on United States products in response to Donald Trump's decision to impose steep duties on imports of steel and aluminium.

Numerous products targeted are produced by exporters in states that are politically important to United States President Donald Trump.

The EU issued an update on its response on Wednesday, 24 hours after Mexico confirmed it had launched tit-for-tat tariffs on USA steel and was also targeting United States goods such as pork and bourbon products.

Trump and the White House have not commented publicly on the report.

Canada countered by announcing it would slap an estimated $16.6 billion in duties on some steel and aluminum products and other goods from the USA, including maple syrup, beer kegs, whisky and toilet paper. US stocks were trading higher on Wednesday.

Adding to the uncertainty is European anger over Trump's decision to pull the United States out of the worldwide nuclear agreement with Iran.

Trump has broken with allies on the Trans-Pacific Partnership, on the Paris climate accord and on the Iran nuclear deal. China has warned it would cancel any promises over trade with the United States if the Trump administration moves ahead with planned tariffs.

German Chancellor Angela Merkel said she expected "difficult discussions" at the summit.

Kudlow said the Trump administration remains interested in the WTO and is working to resolve some of its trade disputes through the organization, but maintained its rulings would not determine USA policies.

"We believe that the meat [price] will go up 15, 16% and I think that it could have an impact on consumption, reduce consumption, and that's what worries me the most", said Víctor Manuel Ochoa, CEO of Mexico's largest pork producer, Granjas Carroll.

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