financetom
Economy
financetom
/
Economy
/
U.S. tariffs on Mexican steel, aluminum are not justified, Mexico says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
U.S. tariffs on Mexican steel, aluminum are not justified, Mexico says
Feb 11, 2025 7:02 AM

MEXICO CITY (Reuters) - The 25% tariff on steel and aluminum imports from Mexico imposed by U.S. President Donald Trump "is not justified" because the U.S. runs a steel and aluminum trade surplus with Mexico, Mexican Economy Minister Marcelo Ebrard said on Tuesday.

"Mexico imports more steel from the United States than it exports," Ebrard said on a press conference alongside Mexican President Claudia Sheinbaum.

Ebrard pointed to a graph sourced to U.S. Census Bureau data showing Mexican steel product exports to the U.S. falling since 2022, while Mexico's imports of U.S. steel grew in the same period, according to the data.

Trump on Monday raised tariffs on steel and aluminum imports to a flat 25% "without exceptions or exemptions" in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war.

Nearly a quarter of all steel used in the U.S. is imported, and Mexico is among its largest suppliers, along with Canada and Brazil.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
The US Dollar Strengthens Following Positive Manufacturing Data
The US Dollar Strengthens Following Positive Manufacturing Data
Apr 2, 2024
By RoboForex Analytical Department The EUR/USD pair has dipped to its lowest since 15 February this year following the release of encouraging data regarding the US manufacturing sector's activity on Monday. This improvement, the first since September 2022, has bolstered the US dollar's position. The Institute for Supply Management (ISM) reported that the manufacturing business activity index climbed to 50.3...
US Dollar Falls Early Tuesday Ahead of Redbook, Factory Orders, JOLTS, Fed Speakers
US Dollar Falls Early Tuesday Ahead of Redbook, Factory Orders, JOLTS, Fed Speakers
Apr 2, 2024
07:51 AM EDT, 04/02/2024 (MT Newswires) -- The US dollar fell against its major trading partners early Tuesday, except for an increase against the yen, ahead of a busy day of economic data releases and appearances by Federal Reserve officials. The dollar got a boost from an unexpected increase in the ISM's manufacturing index for March on Monday morning that...
US factory orders increase solidly in February
US factory orders increase solidly in February
Apr 2, 2024
WASHINGTON (Reuters) - New orders for U.S.-manufactured goods rebounded more than expected in February, boosted by demand for machinery and commercial aircraft as manufacturing regains its footing. Factory orders increased 1.4% after dropping 3.8% in January, the Commerce Department's Census Bureau said on Tuesday. Economists polled by Reuters had forecast orders rebounding 1.0%. They rose 1.0% year-on-year in February. Manufacturing,...
US job openings little changed in February; quits edge up
US job openings little changed in February; quits edge up
Apr 2, 2024
WASHINGTON (Reuters) - U.S. job openings held steady at higher levels in February, while the number of people quitting their jobs rose marginally. Job openings, a measure of labor demand, edged up 8,000 to 8.756 million on the last day of February, the Labor Department's Bureau of Labor Statistics said in its monthly Job Openings and Labor Turnover Survey, or...
Copyright 2023-2025 - www.financetom.com All Rights Reserved