The Mexican peso tumbled as the country unveiled a detailed list of tariffs on U.S. food and steel products in retaliation for U.S. levies on aluminum and steel.
A tariff of 20% will be imposed on a list of pork goods, including legs, shoulders and ham; 20% to 25% on different types of cheese; 20% on cranberries, potatoes and apples; and 25% on bourbon whiskey, according to the list included in a decree published in the government's official gazette. Most steel products will pay a 25% tariff.
Mexico said June 4 that it would initiate a dispute resolution process at the World Trade Organization in response to the U.S. levies. A White House economic adviser said June 5 that U.S. President Donald Trump was looking to deal with Canada and Mexico separately as it renegotiates the North American Free Trade Agreement.
The peso slid 1.47% to 20.3671 as of 11:23 a.m. ET.
