Billionaire Industrialist David Koch Retires From Business and Politics

Theresa May and Donald Trump

Theresa May and Donald Trump

United States pork will be levied with a 20 percent tariff by Mexico in retaliation to USA trade barriers on steel and aluminum, Reuters reports quoting two industry officials.

The list includes whisky, cheese, steel, bourbon, and pork.

The tariff increases are created to hit areas that are politically favourable to Trump, such as pork production, Mexican experts said.

Both Mexico and Canada unveiled the new round of tariffs against the United States this week, slamming President Trump over his decision to tax North American steel products.

Mexico's retaliatory list included a 20-percent tariff on USA pork legs and shoulders, apples and potatoes and 20 to 25 percent duties on types of cheeses and bourbon, the Mexican economy ministry said in the government's official gazette.

The attacks came as the government is already reeling from Trump's imposition last week of steel and aluminum tariffs on Canada, part the president's broader tariff attack on Mexico and Europe.

Washington exports apples valued at $200 million to $250 million to Mexico every year, representing 10 percent of its total market, Todd Fryhover, president of the Wenatchee-based Washington Apple Commission, said Tuesday morning.

World on brink of trade war as U.S. slaps tariffs on allies
A spokesman for German Chancellor Angela Merkel warned of "the danger of spirals of escalations" that could hurt everyone. The European Union , Mexico and Canada are all promising tit-for-tat tariffs on American made goods.

The countermeasures could hurt farmers and industry in states that supported Trump in 2016 ahead of mid-term elections in November. The state is the top pork-producing state in the United States and Mexico is its main export market by volume.

The US decision, widely criticised on the worldwide scene, came as the US, Canada and Mexico renegotiate the 1994 North American Free Trade Agreement (NAFTA), at the urging of Trump who called it a "disaster" for American jobs. "Canada is as abused as the U.S.is and it's about time someone stood up for the Canadians also". He gave Canada and Mexico exemptions in hopes of bolstering the on-going NAFTA negotiations between the three countries.

US-Mexico trade is worth about $600bn annually and about 16% of US goods go to its southern neighbour. China has vowed to retaliate on everything from US soybeans to airplanes, and Beijing has said it will abandon its commitments if the USA follows through on its tariff threat.

The weekend brought no evidence that the world is stepping back from a damaging trade war. Last fall, Vice President Pence traveled to NY to rally David Koch and a group of about 100 other donors to back a Republican tax-cut plan.

While Trump has sown confusion and frustration among fellow political leaders, economists at most Wall Street banks are barely changing their forecasts for solid global growth this year as they estimate only modest fallout from a skirmish over commerce. "These tariffs amount to self-imposed barriers to the success of tax reform and we urge the administration to reconsider".

"Somebody loses money when you force people to put investments on hold, when things get more expensive than they should have to, when they have to break up supply chains", Adam Posen, president of the Peterson Institute for International Economics, said in an interview on Bloomberg TV. They're likely to buy cheaper local products instead, boosting your country's economy. "The US deficit in trade with China began to reach its peak in 2005-2006".

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