Officials in Mexico announced a new series of tariffs specifically targeting districts won by President Trump in the 2016 race for the White House; unveiling the taxes after the Commander-in-Chief imposed a 25% tariff on Mexican and Canadian produced steel and aluminum.
“Economy Minister Ildefonso Guajardo said the tit-for-tat measures would complicate talks between the United States, Canada and Mexico to revamp the North American Free Trade Agreement (NAFTA) that underpins trade between the neighbors,” reports Reuters.
“A trade war is when there is an escalation of conflict. In this case, it is simply a response to a first action,” Guajardo told Mexican radio. “We should stick to the clearly defined battlefield, where the response is appropriate and proportional.”
President Trump announced the expanded trade tariffs Thursday, saying both Mexico and Canada had failed to make trade concessions requested by his administration ahead of future negotiations on the North American Free Trade Agreement.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.
BEIJING BLINKS: China Says it 'WILL NOT FIGHT' Trade War with Trump
Chinese officials confirmed over the weekend that Beijing has no interest in fighting a “trade war” with the United States; saying both nations have reached a “consensus” after President Trump announced stiff economic sanctions earlier this year.
According to Yahoo News, Chinese Vice Premier Liu He, the leading negotiator in trade talks between Beijing and Washington, told reporters Sunday that his nation “will not fight a trade war” against the United States.
“The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” said He.
“At the same time it must be realized that unfreezing the ice cannot be done in a day, solving the structural problems of the economic and trade relations between the two countries will take time,” he added.
President Trump stunned Chinese officials earlier this year when he announced over $50 billion of tariffs on Chinese-produced goods; sparking speculation Beijing would retaliate by imposing harsh taxes on American products.