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Mexico said it would impose import duties on $3 billion worth of U.S. products, including cheese, bourbon, pork and others, making good on its threats that it would retaliate for U.S. tariffs on steel and aluminum.
The announcement comes as a senior Trump administration official said that the president wants to end the three-party talks to renegotiate the North American Free Trade Agreement, aiming instead to deal separately with Canada and Mexico to restructure the trade accord.
The article goes on to state the following:
Trump does not intend to withdraw from NAFTA, National Economic Council Director Larry Kudlow said on “Fox & Friends.” But after more than one year of multilateral discussions, he feels the current approach has not been fruitful and a new one is needed.
“His preference now — and he asked me to convey this — is to actually negotiate with Mexico and Canada separately,” Kudlow said. “He prefers bilateral negotiations.”
It wasn’t immediately clear how such an arrangement would work. The United States, Mexico and Canada agreed to NAFTA in the 1990s, and all three countries have worked to renegotiate the deal since Trump became president. Changes would have to be agreed by all sides.
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