Retaliatory Tariffs Against U.S. Enacted by China and Mexico Last Week
On July 6th, after the additional 25% tariffs on over $34 billion of Chinese goods went into effect, China reacted by enacting additional tariffs of 25% on over 545 products originating from the United States, also valued at $34 billion. These tariffs cover commodities such as agricultural products such as beef and dairy, automobiles and aquatic goods. Additionally, China plans to enact additional tariffs on 114 products originating from the United States, valued at $16 billion should the U.S. enact additional tariffs. These commodities include chemical products, medical equipment and energy products.
Last week also saw Mexico imposing its second round of retaliatory tariffs against the U.S. on dozens of U.S. goods valued at nearly $3 billion. Like China, Mexico is focusing on U.S. agricultural exports including, pork, apples, cranberries, cheeses, etc.… These tariffs are in direct response to the steel and aluminum tariffs against Mexico, Canada and the EU that went into effect on June 1st.