Mexico Slaps Tariffs on US Steel, Agricultural Products

Bikers Michael Thompson Mark Astle Mark Ozzie Taylor and Ralph Zirkinitzer ride their Harley Davidson motor bikes through the Gap of Dunloe Killarney Co Kerry during Ireland Bikefest which took place this weekend. Harley Davidsons were among the firs

Trade war: What you may have missed over the weekend

The move comes one day after Mexico's Economy Ministry said it will start proceedings against the the World Trade Organization, where it's seeking a dispute settlement over the USA tariffs on Mexican products - 25 percent on steel and 10 percent on aluminum - formally took effect last Friday.

While other World Trade Organization members are also considering retaliating by targeting iconic American products - such as bourbon whiskey and Harley-Davidson motorcycles - the escalating tensions between Mexico and the US may further complicate the renegotiation of the NAFTA trade accord.

British Prime Minister Theresa May told President Donald Trump on Monday that United States tariffs imposed on European Union steel and aluminium imports were "unjustified and deeply disappointing" during a phone call. "Mexico, Canada, China and others have treated them unfairly", Trump tweeted as he assured his country to change this dynamic through his ongoing trade deals.

Mexico submits that the tariffs, imposed on the grounds of national security, were not adopted in accordance with relevant WTO procedures and also violate the 1994 General Agreement on Tariffs and Trade.

The White House has said that it might move ahead with the imposition of tariffs on $50 billion of Chinese goods around the middle of this month if a broad agreement to slash the $375 billion trade deficit isn't reached.

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The Journal reported that during the talks, Liu made clear to Ross that the $70 billion offer would be withdrawn if the USA proceeded with its threat to impose tariffs on $50 billion of Chinese products.

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.

Mexico has received backing in the dispute from its domestic business sector. But the Trump administration walked away.

Ties between Washington and Mexico City have also been strained over immigration.

Pena Nieto had previously scrapped a visit in January past 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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