Mexico vows retaliation to Trump tariffs without detailing targets Mexican President Claudia Sheinbaum on Saturday ordered retaliatory tariffs in response to the U.S. decision to slap 25% tariffs on all goods coming from Mexico, as a trade war broke out between the two neighbors.
In a lengthy post on X, Sheinbaum said her government sought dialogue rather than confrontation with its top trade partner to the north, but that Mexico had been forced to respond in kind.
"I've instructed my economy minister to implement the plan B we've been working on, which includes tariff and non-tariff measures in defense of Mexico's interests," Sheinbaum posted, without specifying what U.S. goods her government will target.
The United States is by far Mexico's most important foreign market, and Mexico in 2023 overtook China as top destination for U.S. exports.
Mexico has been preparing possible retaliatory tariffs on imports from the U.S., ranging from 5% to 20%, on pork, cheese, fresh produce, manufactured steel and aluminum, according to sources familiar with the matter. The auto industry would initially be exempt, they said.
Economy Minister Marcelo Ebrard said on X that Trump's tariffs were a "flagrant violation" of the U.S.-Mexico-Canada Agreement.
"Plan B is underway," Ebrard said. "We will win!"
U.S. exports to Mexico accounted for more than $322 billion in 2023, Census Bureau data showed, while the U.S. imported more than $475 billion worth of Mexican products.
Almost a third of Mexico's gross domestic product depends directly on exports to the United States, Grupo Financiero BASE's economic analysis director, Gabriela Siller, said on X.
"With a universal tariff of 25%, it is estimated that exports could fall by around 12%. With this, Mexico's GDP could fall by 4% in 2025, if the tariff is maintained all year round," Siller said...............
https://www.reuters.com/world/americas/mexican-president-orders-retaliatory-tariffs-against-us-2025-02-02/
