UPDATED 6:23 AM PT — Mon. June 4, 2018
The Mexican government is set to announce more retaliatory tariffs against U.S. products.
Mexico said it would counter U.S. tariffs on industrial metals with reciprocal measures against U.S. agricultural goods and flat steel.
According to the Mexican Ministry of Economy, the new tariffs are aimed at safeguarding Mexico’s domestic output.
This comes after U.S. tariffs on the imports of both steel and aluminum from the EU, Mexico, and Canada took effect last week.
Additionally, Mexico’s foreign ministry blasted the U.S. tariffs as “unjustified, unilateral measures.”
“The government of Mexico responds, responds with equivalent measures for diverse products, such as flat steel, lamps, legs and pork trowels, sausages and food preparations, apples, grapes, cranberries, and various cheeses among others, up to a comparable amount to the level of disruption,” stated Mexican Foreign Minister Luis Videgaray.
Meanwhile, the ongoing NAFTA talks are faltering as the U.S. and Mexico struggle to reach an agreement on bilateral trade in cars.