Trump lifted steel tariff from Mexico and Canada, news by Hebei Longsheng
| Relief for Swift, Tyson as steel no longer presses on pork The U.S. government has agreed to remove tariffs on steel and aluminum exports from Canada and Mexico, who in turn will remove their retaliatory duties. While removing one hurdle to ratification of the U.S.-Mexico-Canada Agreement there are still concerns in the U.S. House of Representatives regarding labor and pharmaceutical rules. The impact of the tariffs have been largely balanced – Mexico’s exports of metals to the U.S. fell 9.5% year over year in 1Q while its imports of U.S. metals and agricultural products fell 8.7%. Mexican imports of U.S. agricultural gods fell 18.7%, led by a 26.7% slump in pork products. Among the top three U.S. pork exporters Swift Pork and Tyson suffered 31.9% and 32.4% declines in shipments respectively. The outlier was number two exporter Seaboard Corp., whose shipments only fell 0.3%. |
