Mexico, Tomato and Agreement
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EU, Trump and Mexico
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Slowing exports to China helped the deficit to balloon as the value of items shipped from Mexico to China declined for a second consecutive year.
China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.
The U.S. government says it's placing a 17% duty on most fresh Mexican tomatoes after negotiations ended without an agreement to avert the tariff.
While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10 percentage points higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.
U.S. trade with Mexico rises to $74B in May; Redwood Logistics opens office in Queretaro, Mexico; and Franke Group opens production plant in San Luis Potosí, Mexico.
The Tomato Suspension Agreement pact was first signed in 1996 and updated in 2019. The deal paused anti-dumping duties in exchange for Mexican exporters agreeing to price minimums.
4don MSN
U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments: February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China,
Tariff negotiations between the two top trading partners are on a different track from those the U.S. is pursuing with other nations. But Canada may not get a better outcome.