United States 'closed the door' on tariff talks — European Union trade official

SOTU Freeland full_00055225

SOTU Freeland full_00055225

Mexico said on Monday that it will complain to the WTO over the USA measures, saying that it violates the organization's agreement on safeguards by not having been adopted in accordance with the procedures provided, in addition to violating the General Agreement on Tariffs and Trade.

Chinese officials, who have engaged in negotiations with USA officials this week, said they will not sign any agreements if tariffs are again increased.

The meeting comes as fears of an all-out global trade war intensified after the European Union, Canada and Mexico drew up retaliatory measures to Washington's stinging steel and aluminium tariffs that came into effect on Friday.

But just when it appeared a trade truce between the two economic heavyweights was on the cards, the White House last week warned it would pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the United States and tighter export controls. Big trade barriers against USA farmers, and other businesses, will finally be broken.

Ottawa hit back with proportional Can$16.6 billion (US$12.8 billion) in tariffs on U.S. steel and aluminium as well as consumer goods.

The peso sank to its weakest in more than a year earlier Tuesday on concern the USA may leave the North America Free Trade Agreement and try to negotiate two separate free trade deals with Mexico and Canada.

The offer was made in talks in Beijing over the weekend with Commerce Secretary Wilbur Ross, part of sensitive trade negotiations that could force President Donald Trump to make a tough decision about accepting this proposal or pushing for more concessions.

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Mexico imports so much US pork - almost one-third of what's consumed - that the government says it will waive tariffs on up to 350,000 tons of pork imported from other nations to avoid destabilizing the market.

Mexico has received backing in the dispute from its domestic business sector.

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

The result has been a boon for Texas and the United States, as well as Mexico and Canada. But the Trump administration walked away.

"It is very hard to reach a negotiation when measures of this nature are suddenly taken", the minister said. Although Washington wants its deficit with China to average $15 billion monthly, it will likely also hover around last month's $26 billion.

The US is Mexico's largest trading partner, receiving about 80 per cent of the country's exports.

Pena Nieto had previously scrapped a visit in January previous year because of Trump's insistence that Mexico pay for the wall, which he wants as part of his efforts to curb immigration.

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