Trade Wars: Revenge of the Socialists!
Smoot Hawley, meet Obama-Pelosi-Reid!
Mexico has reacted to the Obama administration's unilateral abandonment of the North American Free Trade Agreement by hiking tariffs on numerous goods.
The specific goods, a combined $2.4 billion in exports to Mexico in 2007, mostly face import duties of 10% to 20% of their value. Fresh grapes will face a 45% tariff, by far the highest. Mexico said Monday it will levy the tariffs in retaliation for the recent shutdown by Congress of a pilot program that allowed some Mexican truckers to operate on U.S. highways. Mexico might increase the number of products it has slapped tariffs on if this first retaliatory round doesn't produce results, Beatriz Leycegui, deputy minister for foreign commerce, said Wednesday.
Obama obviously intends to recreate the Depression item by item!
Mexico has reacted to the Obama administration's unilateral abandonment of the North American Free Trade Agreement by hiking tariffs on numerous goods.
The specific goods, a combined $2.4 billion in exports to Mexico in 2007, mostly face import duties of 10% to 20% of their value. Fresh grapes will face a 45% tariff, by far the highest. Mexico said Monday it will levy the tariffs in retaliation for the recent shutdown by Congress of a pilot program that allowed some Mexican truckers to operate on U.S. highways. Mexico might increase the number of products it has slapped tariffs on if this first retaliatory round doesn't produce results, Beatriz Leycegui, deputy minister for foreign commerce, said Wednesday.
Obama obviously intends to recreate the Depression item by item!