MEXICO CITY: Mexican President Claudia Sheinbaum on Saturday (Feb 1) ordered retaliatory tariffs in response to the US determination to slap 25% tariffs on all items coming from Mexico, as a commerce warfare broke out between the 2 neighbors.
In a prolonged submit on X, Sheinbaum mentioned her authorities sought dialogue reasonably than confrontation with its high commerce associate to the north, however that Mexico had been compelled to reply in type.
“I’ve instructed my financial system minister to implement the plan B we have been engaged on, which incorporates tariff and non-tariff measures in protection of Mexico’s pursuits,” Sheinbaum posted, with out specifying what US items her authorities will goal.
For many years, the 2 neighbors have seen cross-border commerce develop, together with from a extremely built-in auto trade, in addition to large volumes of crude oil, pure gasoline and motor fuels that transfer in each instructions.
There may be additionally a booming farm commerce. Mexico sends massive volumes of contemporary produce north, together with avocados and tomatoes, whereas US farmers provide enormous quantities of corn and different grains to Mexican consumers.
General, the USA is by far Mexico’s most essential international market, and Mexico in 2023 overtook China as high vacation spot for US exports.
Mexico has been getting ready attainable retaliatory tariffs on imports from the US, starting from 5 p.c to twenty p.c, on pork, cheese, contemporary produce, manufactured metal and aluminum, based on sources conversant in the matter. The auto trade would initially be exempt, they mentioned.
Financial system Minister Marcelo Ebrard mentioned on X that Trump’s tariffs had been a “flagrant violation” of the US-Mexico-Canada Settlement.
