MEXICO CITY: Mexican President Claudia Sheinbaum on Saturday (Feb 1) ordered retaliatory tariffs in response to the US resolution 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 mentioned her authorities sought dialogue moderately than confrontation with its high commerce associate to the north, however that Mexico had been pressured to reply in type.
“I’ve instructed my economic 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 business, in addition to huge volumes of crude oil, pure gasoline and motor fuels that transfer in each instructions.
There’s additionally a booming farm commerce. Mexico sends giant 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 US is by far Mexico’s most vital overseas market, and Mexico in 2023 overtook China as high vacation spot for US exports.
Mexico has been making ready doable retaliatory tariffs on imports from the US, starting from 5 % to twenty %, on pork, cheese, contemporary produce, manufactured metal and aluminum, in response to sources conversant in the matter. The auto business would initially be exempt, they mentioned.
Economic system Minister Marcelo Ebrard mentioned on X that Trump’s tariffs have been a “flagrant violation” of the US-Mexico-Canada Settlement.
