Mexico Imposes Painful Retaliatory Tariffs On American Goods

Presidencia de la República Mexicana/CC BY 2.0/Flickr

Mexico has announced tariffs of 15 to 20 percent on $3 billion of U.S. goods.

Mexico has responded to the Trump administration’s steel and aluminum tariffs with duties of 15 to 25 percent on $3 billion of U.S. goods, including pork, apples, potatoes, bourbon various types of cheese.

Via CNN Money:

"It is necessary and urgent to impose measures equivalent to the measures implemented by" the US, said the statement issued by the Mexican government. Mexico had signaled last week that it intended to retaliate against the US steel and aluminum tariffs.

In addition to the agricultural products and bourbon, Mexico imposed tariffs on a variety of US steel products exports.

According to the U.S. Commerce Department, Mexico bought $277 billion worth of American goods and services, making it the second largest market for exports behind Canada.

American hog farmers will be hit particularly hard:

Mexico is the largest market for US pork exports according to the National Pork Producers Council, an industry trade group. It says that 25% of US pork exports last year went to Mexico.

"A 20% tariff eliminates our ability to compete effectively in Mexico," said Jim Heimerl, the trade group's president and a pork producer from Johnstown, Ohio. "This is devastating to my family and pork producing families across the United States."

Click here to read more.