Published: Wed, June 06, 2018
Markets | By Erika Turner

Mexico set to impose 20 percent tariff on U.S. pork legs

Mexico set to impose 20 percent tariff on U.S. pork legs

The Mexican peso dropped to its weakest level since February 2017 following the government's announcement, to trade at more than 20 to the United States dollar.

United States pork will be levied with a 20 percent tariff by Mexico in retaliation to U.S. trade barriers on steel and aluminum, Reuters reports quoting two industry officials.

A list of goods that the tariffs will affect will be released by June 15.

The EU threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of US Republican legislators. Former Senate Majority Leader Harry Reid regularly attacked Republicans for what he called a "Koch addiction".

Trump wrote in a series of tweets that his trade negotiations with China and a slew of U.S. allies would break down large trade barriers faced by American farmers.

The bulk of Washington apples are grown for the fresh market and can be shipped from special storage up to 13 months after they are picked.

"I mean that's something that's hard to not sort of scratch your head and say, 'In what universe has Canada - your NORAD partner, we fought and died side-by-side in so many places around the world - somehow become a national security threat?"

President Xi Jinping's government has started to quantify its commitment to import more US products as trade talks between the two nations progress, said the people, who spoke on condition of anonymity because the negotiations aren't public.

In Minnesota, about 14 percent of the state's $7.1 billion of annual agricultural exports goes to Mexico, one of the state's top export markets, said Matthew Wohlman, Minnesota Department of Agriculture deputy commissioner.

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Heriberto Hernández, president of the Mexican Association of Pork Producers (OPORPA), said that he supports the government's decision and didn't expert Mexican pork prices to go up because "there are a lot of alternatives" to USA suppliers.

He said prices in Mexico will likely rise as a result of the tariffs on USA pork.

In a radio interview this morning, foreign trade undersecretary Juan Carlos Baker rejected any claim that the tariffs amount to revenge on the United States, charging instead that Mexico was simply acting within its rights.

But the question of tariffs - as well as the US decision to pull out of a deal created to curb Iran's nuclear ambitions - is what most G7 members want to sort out.

Ties between Washington and Mexico City have also been strained over immigration.

The groups said they would advocate that Trump reduce or eliminate trade barriers by modernizing the North American Free Trade Agreement (NAFTA) and returning to the negotiating table on the Trans Pacific Partnership (TPP).

The G7 in Charlevoix formally kicks off with a session on jobs of the future and the state of the global economy, which is where Trudeau and others will push Trump to roll back the tariffs, said Canadian government officials who briefed journalists on the condition of anonymity. The European Union also attends. We are in a trade war. "We will work aggressively to educate policymakers and others about the facts".

Other industry officials pointed to Canada as a possible substitute pork supplier that has tariff-free access to Mexico thanks to NAFTA, or the European Union, which recently concluded a revised trade pact with Mexico that allows tariff-free pork imports but does include other restrictions like volume quotas.

Mexican Economy Minister Ildefonso Guajardo said his country would now "surely" look to Europe for pork products, used in many traditional dishes in Mexico.

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