Trump to Meet Trade Advisers Over $70 Billion China Offer

Theresa May and Donald Trump

According to Bloomberg, the country will slap tariffs of 25 percent on certain cheese products, steel and Tennessee whiskey while imposing taxes of 20 percent on pork, apples and potatoes.

Mexico said it will file a complaint with the World Trade Organization over U.S. tariffs on its steel and aluminium.

"The Mexican government asserts that its actions will continue adhering to the rule of global trade law and will be proportional to the damage that Mexico unfortunately receives", the statement said.

The final list of products subject to the 25 percent tariffs is due to be published on June 15. In addition, China would buy more US crude oil and natural gas exports to quench its thirst for energy.

American pork producers, for whom Mexico is the largest export market, were dismayed by the move.

Other US allies have also reacted with fury and retaliation, with fears building of a global trade war. The peso turned lower after White House National Economic Council Director Larry Kudlow said President Donald Trump was "seriously considering " splitting North American Free Trade Agreement talks into separate processes for Mexico and Canada.

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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.

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

The group rejected "the protectionist measures of the United States government".

Mexican Economy Minister Ildefonso Guajardo said the new tariffs would cause the United States losses worth about $3 billion, a sum roughly equivalent to the losses that U.S. tariffs were causing Mexico.

"It is very hard to reach a negotiation when measures of this nature are suddenly taken", the minister said. While other World Trade Organization members are also considering retaliating by targeting iconic American products - such as bourbon whiskey and Harley-Davidson motorcycles - the escalating tensions between Mexico and the US may further complicate the renegotiation of the Nafta trade accord.

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