Mexico Imposes Tariffs On $3 Billion Worth Of U.S. Exports
(CNN Money) -- The U.S. trade dispute with Mexico is heating up.
In retaliation for the Trump administration announcing tariffs on steel and aluminum imports from Mexico and much of the rest of the world, Mexico Tuesday imposed a series of tariffs against U.S. exports to its market valued at $3 billion. They'll hike the price of products including pork, apples, potatoes, bourbon as well as different types of cheese.
The tariffs range between 15% and 25%, which could raise the price of US goods by that amount, cutting deeply into U.S. exports to its neighbor.
"It is necessary and urgent to impose measures equivalent to the measures implemented by" the U.S., said the statement issued by the Mexican government. Mexico had signaled last week that it intended to retaliate against the US steel and aluminum tariffs.
While Mexico exports more goods and services to the U.S. than it buys, it is also the second largest market for US exports, buying $345 billion of US goods and services last year, according to the Commerce Department.
That put it behind only China in terms of the value of U.S. exports.
-- CNN's Spencer Feingold and Matthew J. Friedman contributed to this report.
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