Major U.S. trading partners, including China, Canada, and Mexico, are hitting back against the Trump Administration’s trade policies by putting retaliatory duties on almost $50 billion worth of U.S. goods. The final list of tariffs in Canada includes a lot of U.S. agricultural products, including orange juice, maple syrup, and U.S. prepared beef products. Canada’s Foreign Minister says they have no choice but to retaliate with a perfectly reciprocal dollar-for-dollar response. Later this week, Mexico will carry out the second part of a two-part process, targeting almost $3 billion worth of U.S. goods. That includes $2.5 billion worth of American agricultural products, including cheese, pork hams and shoulders, apples, sausages, frozen potatoes, frozen cranberries, orange juice, and whiskey. The Trump Administration will likely escalate things on Friday by imposing a 25% duty on about $34 billion in additional Chinese goods. China is expected to immediately respond by implementing a 25% duty on about $34 billion worth of U.S. exports, including soybeans and cars.
Source: NAFB News Service