MEXICO CITY: Mexican President Claudia Sheinbaum on Saturday (Feb 1) ordered retaliatory tariffs in response to the US choice to slap 25% tariffs on all items coming from Mexico, as a commerce warfare broke out between the 2 neighbors.
In a prolonged put up on X, Sheinbaum stated her authorities sought dialogue relatively than confrontation with its prime commerce associate to the north, however that Mexico had been compelled to reply in variety.
“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 fuel and motor fuels that transfer in each instructions.
There’s additionally a booming farm commerce. Mexico sends giant volumes of recent produce north, together with avocados and tomatoes, whereas US farmers provide big quantities of corn and different grains to Mexican patrons.
Total, the USA is by far Mexico’s most necessary overseas market, and Mexico in 2023 overtook China as prime vacation spot for US exports.
Mexico has been making ready attainable retaliatory tariffs on imports from the US, starting from 5 % to twenty %, on pork, cheese, recent produce, manufactured metal and aluminum, in line with sources conversant in the matter. The auto trade would initially be exempt, they stated.
Financial system Minister Marcelo Ebrard stated on X that Trump’s tariffs had been a “flagrant violation” of the US-Mexico-Canada Settlement.
