Mexico Slaps Tariffs on US Steel, Agricultural Products

Geneva Stokes
June 7, 2018

In an effort to stave off the imposition of tariffs, China has offered to buy almost $70 billion of farm and energy products from the USA, sources have told The Wall Street Journal.

So the Trump administration's new tariffs on NAFTA partners as well as its goal of adding a sunset provision to NAFTA almost guarantees that fewer companies will allow their supply chains to straddle North American borders.

Canadian Finance Minister Bill Morneau said Washington's decision to impose the tariffs had lessened the chances for a successful outcome of the NAFTA talks. After all, just two weeks ago, Treasury Secretary Steven Mnuchin declared the trade war was "on hold", setting off a celebration on Wall Street. China also made no mention of any new agreements.

And shortly after the US tariffs took effect last week, Europe's top trade commissioner said the European Union also will now consider "rebalancing measures".

Prime Minister Justin Trudeau is rejecting calls to speed up the imposition of retaliatory tariffs on USA steel and aluminum.

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Europe was willing to lower its tariffs on automobiles and cooperate with the United States.

"By the time I finish trade talks, that will change".

Meanwhile, the White House said that the recently concluded trade negotiations in China focused on reducing the US' trade deficit by facilitating the supply of agricultural and energy products to meet China's growing consumption needs, which will help support growth and employment in the United States.

"Farmers have not been doing well for 15 years. Not acceptable!" Trump said in another tweet.

"Trump claims that he is seeking fairness and reciprocity in the U.S.' economic relationship with China but, so far, he has sought to extort gains from China using the economic advantages the US has", it said.

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