Published: Wed, June 06, 2018
Finance | By Jaime Brady

Mexico to file WTO complaint over USA tariffs: ministry

Mexico to file WTO complaint over USA tariffs: ministry

May's comments follow Trump's decision to impose tariffs of 25 percent on steel and 10 percent on aluminum from the EU, Mexico, and Canada at the end of last month.

"These tariffs are an affront to the long-standing security partnership between Canada and the United States, and in particular, to the thousands of Canadians who have fought and died alongside American comrades-in-arms".

The peso turned lower after White House National Economic Council Director Larry Kudlow said Trump was "seriously considering " splitting North American Free Trade Agreement talks into separate processes for Mexico and Canada. But he said the US insistence on a five-year sunset clause was a deal breaker.

The Economy Secretariat (SE) published a full list of the USA products that will be affected by the new protectionist measures in the government's official gazette, with tariffs ranging between 5% and 25%.

"Mexico can adjust the composition of the list of products originating from the United States", the ministry warned. The retaliatory measures also include 20% on pork products, 20% and 25% duties on cheeses, and a 25% duty on bourbon.

David Koch, one half of the billionaire duo that built one of the nation's largest privately owned companies and one of its most controversial political networks, has announced his retirement from politics and business. With free trade, foreign markets have been readily opened to multinational corporations, allowing them to offshore American jobs while easily exporting their products back into the U.S.

And shortly after the US tariffs took effect last week, Europe's top trade commissioner said the European Union also will now consider "rebalancing measures".

"This campaign makes a clear statement: Trade is a major priority for our network", James Davis, executive vice president of Freedom Partners, said in a statement.

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United States denim, bourbon, motorcycles , peanut butter , motor boats and cigarettes are also in the firing line. The EU will decide exact countermeasures in coming weeks, according to the French officials.

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"If the United States introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void", China´s official news agency Xinhua said Sunday.

Mexico announced its response to Trump's move last week with a focus on products from congressional districts that Trump's Republican party is fighting to retain in November. "These tariffs amount to self-imposed barriers to the success of tax reform and we urge the administration to reconsider".

"This is a really sad time for us".

Another trade war is brewing - one between President Trump and the Koch brothers.

Two-way trade is worth USA $600 billion annually but the U.S. has a deficit with Mexico of around United States $65 billion, which Trump has argued is evidence of unfair trade between the two countries. Industry officials have told Reuters that Mexico could buy pork from Canada tax-free because of NAFTA or the European Union.

The dispute with Mexico over tariffs makes it more hard to conclude months of talks on renegotiating NAFTA between the three countries, talks that began previous year because Trump said the deal needed to be reworked to better serve the United States.

Anglade called the delay "a wise decision", telling reporters it would give Canada time to discuss the impact of the counter-tariffs.

Trudeau replied he wants to follow through on the consultations while trying to persuade the U.S.to drop the tariffs.

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