China offered to spend $70 billion to avoid tariffs

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Disputes between the United States and its biggest trading partners continued to heat up.

Following news of the new Mexican tariffs, which take effect immediately, the peso tumbled to its weakest level since February 2017, leading losses among major currencies.

Mexico on Tuesday slapped a 25% import tariff on a wide range of steel products from the USA, matching the US steel duty.

Trump is trying to use the threat of tariffs on steel and aluminum imports, as well as other goods, to force numerous countries to agree to trade concessions.

Numerous products targeted are produced by exporters in states that are politically important to United States President Donald Trump. Bourbon-producing Kentucky is the home state of Senate Majority Leader Mitch McConnell, a Republican.

And shortly after the US tariffs took effect last week, Europe's top trade commissioner said the European Union also will now consider "rebalancing measures".

"We greatly appreciate his vital role on the board and all that he has done to help us build a strong foundation for our future success", Holden said.

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"We believe that the meat [price] will go up 15, 16% and I think that it could have an impact on consumption, reduce consumption, and that's what worries me the most", said Víctor Manuel Ochoa, CEO of Mexico's largest pork producer, Granjas Carroll.

"The prime minister raised the U.S. decision to apply tariffs to European Union steel and aluminium imports, which she said was unjustified and deeply disappointing", her office said in a statement.

Chicago Mercantile Exchange hog futures at one point fell more than 2 percent following the Mexico pork tariff announcement. The Trump administration has also threatened to press ahead with at least US$50 billion in tariffs on Chinese products.

"But I say in all seriousness that escalation is not what we require - we need a proportionate response done calmly, with time to give the United States some reflection to change its mind".

The package targets products produced in states that are key to Republican political power, including the U.S. farm belts that supported Trump in the 2016 presidential election.

Beijing pledged any tariffs on their goods would nullify any trade deal reached between the USA and China.

The weekend brought no evidence that the world is stepping back from a damaging trade war.

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By Andrew MayedaPresident Donald Trump's zeal for tariffs has yet to derail the global economic outlook.

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The package would include increased purchases of USA soybeans, corn and other agricultural goods.

The United States and Mexico do $600 billion in annual trade and about 16 percent of US goods exports go to its southern neighbor.

Now, however, the Trump administration argues that the cost of not responding to China's "unfair trade practices - including dumping, discriminatory non-tariff barriers, forced technology transfer, over capacity, and industrial subsidies -" is more costly than the economic hit of tariffs.

On Friday, he imposed 25 per cent tariffs on steel imports and 10 per cent on aluminium imports from Mexico.

According to Hernandez, tariffs will not result in a price spike in Mexico since the country has other markets to buy from.

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