Mexico ready to retaliate by hurting American corn farmers
by Patrick Gillespie @CNNMoney February 13, 2017: 12:06 PM ET
Anti-Trump protests take place across Mexico
It's one of the first signs of potential concrete action from Mexico in response to President Trump's threats against the country.
Powered by SmartAsset.com
SmartAsset.com
"I'm going to send a bill for the corn that we are buying in the Midwest and...change to Brazil or Argentina," Rios Piter, 43, told told CNN's Leyla Santiago on Sunday at an anti-Trump protest in Mexico City.
He added: It's a "good way to tell them that this hostile relationship has consequences, hope that it changes."
American corn goes into a lot of the country's food. In Mexico City, from fine dining restaurants to taco stands on the street, corn-based favorites like tacos can be found everywhere.
Related: Mexican farmer's daughter: NAFTA destroyed us
America is also the world's largest producer and exporter of corn. American corn shipments to Mexico have catapulted since NAFTA, a free trade deal signed between Mexico, America and Canada.
American farmers sent $2.4 billion of corn to Mexico in 2015, the most recent year of available data. In 1995, the year after NAFTA became law, corn exports to Mexico were a mere $391 million.
Experts say such a bill would be very costly to U.S. farmers.
"If we do indeed see a trade war where Mexico starts buying from Brazil...we're going to see it affect the corn market and ripple out to the rest of the ag economy," says Darin Newsom, senior analyst at DTN, an agricultural management firm.
Rios Piter's bill is another sign of Mexico's willingness to respond to Trump's threats. Trump wants to make Mexico pay for a wall on the border, and he's threatened taxes on Mexican imports ranging from 20% to 35%.
Trump also wants to renegotiate NAFTA. He blames it for a flood of manufacturing jobs to Mexico. A nonpartisan congressional research report found that not to be true.
Related: Mexico doubles down on Trump 'contingency plan'
Still, Trump says he wants a better trade deal for the American worker -- though he hasn't said what a better deal looks like.
All sides signaled two weeks ago that negotiations would begin in May after a 90-day consultation period.
But Trump says if negotiations don't bear the deal he wants, he threatens to withdraw from NAFTA.
Such tough talk isn't received well by Mexican leaders like Rios Piter. He's not alone. Mexico's economy minister, Ildefonso Guajardo, said in January Mexico would respond "immediately" to any tariffs from Trump.
"It's very clear that we have to be prepared to immediately be able to neutralize the impact of a measure of that nature," Guajardo said Jan. 13 on a Mexican news show.
http://money.cnn.com/2017/02/13/news/economy/mexico-trump-us-corn/index.html
by Patrick Gillespie @CNNMoney February 13, 2017: 12:06 PM ET
Anti-Trump protests take place across Mexico
Mexico is ready to hit the U.S. where it hurts: Corn.
Mexico is one of the top buyers of American corn in the world today. And Mexican senator Armando Rios Piter, who leads a congressional committee on foreign relations, says he will introduce a bill this week where Mexico will buy corn from Brazil and Argentina instead of the United States.It's one of the first signs of potential concrete action from Mexico in response to President Trump's threats against the country.
Powered by SmartAsset.com
SmartAsset.com
"I'm going to send a bill for the corn that we are buying in the Midwest and...change to Brazil or Argentina," Rios Piter, 43, told told CNN's Leyla Santiago on Sunday at an anti-Trump protest in Mexico City.
He added: It's a "good way to tell them that this hostile relationship has consequences, hope that it changes."
American corn goes into a lot of the country's food. In Mexico City, from fine dining restaurants to taco stands on the street, corn-based favorites like tacos can be found everywhere.
Related: Mexican farmer's daughter: NAFTA destroyed us
America is also the world's largest producer and exporter of corn. American corn shipments to Mexico have catapulted since NAFTA, a free trade deal signed between Mexico, America and Canada.
American farmers sent $2.4 billion of corn to Mexico in 2015, the most recent year of available data. In 1995, the year after NAFTA became law, corn exports to Mexico were a mere $391 million.
Experts say such a bill would be very costly to U.S. farmers.
"If we do indeed see a trade war where Mexico starts buying from Brazil...we're going to see it affect the corn market and ripple out to the rest of the ag economy," says Darin Newsom, senior analyst at DTN, an agricultural management firm.
Rios Piter's bill is another sign of Mexico's willingness to respond to Trump's threats. Trump wants to make Mexico pay for a wall on the border, and he's threatened taxes on Mexican imports ranging from 20% to 35%.
Trump also wants to renegotiate NAFTA. He blames it for a flood of manufacturing jobs to Mexico. A nonpartisan congressional research report found that not to be true.
Related: Mexico doubles down on Trump 'contingency plan'
Still, Trump says he wants a better trade deal for the American worker -- though he hasn't said what a better deal looks like.
All sides signaled two weeks ago that negotiations would begin in May after a 90-day consultation period.
But Trump says if negotiations don't bear the deal he wants, he threatens to withdraw from NAFTA.
Such tough talk isn't received well by Mexican leaders like Rios Piter. He's not alone. Mexico's economy minister, Ildefonso Guajardo, said in January Mexico would respond "immediately" to any tariffs from Trump.
"It's very clear that we have to be prepared to immediately be able to neutralize the impact of a measure of that nature," Guajardo said Jan. 13 on a Mexican news show.
http://money.cnn.com/2017/02/13/news/economy/mexico-trump-us-corn/index.html
Today at 11:09 am by Bama Diva
» utube 10/1/24 MM&C Iraq Dinar News - Iraqi Stock Exchange - Private Sector - Water - Infrastructure
Today at 5:15 am by Rocky
» Two new rounds of oil and gas investment
Today at 5:12 am by Rocky
» Securities Commission: A strategy to transform Iraq into a regional investment center
Today at 5:09 am by Rocky
» Political alliance talks about deciding the parliament presidency
Today at 5:06 am by Rocky
» US forces hinder Iraqi forces' pursuit of ISIS
Today at 5:04 am by Rocky
» Foreign Relations renews its call to preserve Iraq's sovereignty
Today at 5:03 am by Rocky
» Abdul Wahid: Two ruling families seized the salaries of the region’s employees
Today at 5:02 am by Rocky
» End of the state of alert among security formations in Iraq
Today at 4:59 am by Rocky
» Inauguration of the first copper and cable factory in the Kurdistan Region and Iraq
Today at 4:58 am by Rocky
» Kurdistan Regional Government reveals upcoming tripartite meeting to resume oil exports
Today at 4:57 am by Rocky
» "Al-Eqtisad News" publishes the full decisions of the Cabinet session
Today at 4:55 am by Rocky
» Finance Committee: Discussing 2025 budget schedules to begin next month
Today at 4:53 am by Rocky
» 6,000 job positions to appoint top students and certificate holders.. These are the details
Today at 4:51 am by Rocky
» Iraq.. Manufacturing oil well complexes by local hands
Today at 4:50 am by Rocky
» Iraq is ranked 6th in the Arab world and 37th globally in labor force statistics 2024
Today at 4:49 am by Rocky
» State Administration Coalition confirms unity of Iraqi position
Today at 4:47 am by Rocky
» 6 thousand job positions to appoint top students and certificate holders
Today at 4:45 am by Rocky
» 4 new industrial cities
Today at 4:44 am by Rocky
» Implementation of 6 major projects in the capital
Today at 4:42 am by Rocky
» Maysan trains 920 young people to find job opportunities
Today at 4:41 am by Rocky
» Inventing an advanced device in the field of digital communications
Today at 4:40 am by Rocky
» Planning receives 125,000 tablets for the general population census
Today at 4:39 am by Rocky
» Committee to count the number of private public transport vehicles in the country
Today at 4:37 am by Rocky
» Government moves to build 6 new refineries
Today at 4:36 am by Rocky
» Cabinet approves national initiative to support energy and reduce emissions
Today at 4:35 am by Rocky
» Al-Sudani receives the Spanish Ambassador to Iraq and stresses the need for the European Union to ta
Today at 4:33 am by Rocky
» The Ministry of Oil discusses plans and programs to advance refinery sector projects
Today at 4:32 am by Rocky
» The Council of Ministers decides to increase the capital of the Trade Bank of Iraq by 500 billion di
Today at 4:30 am by Rocky
» The President of the Republic confirms to the National Security Advisor that the stability of Iraq i
Today at 4:29 am by Rocky
» Benefiting from the ISIS experience... Türkiye exploits the tension in the region to expand in Kurdi
Today at 4:26 am by Rocky
» Karbala.. Integrity Commission arrests a broker in the Real Estate Registration Directorate and moni
Today at 4:24 am by Rocky
» Al-Sudani: There is a need for the European Union to take more steps to stop the Zionist aggression
Today at 4:23 am by Rocky
» "Leave the money exchanges behind you".. A specialist proposes a "treatment" for the rise of the dol
Today at 4:21 am by Rocky
» Prices are unstable.. The dollar soars by 20 thousand from the official price
Today at 4:20 am by Rocky
» Iraqi oil plummets as Iran-Israel conflict escalates
Today at 4:19 am by Rocky
» Chairman of the Federal Financial Supervision Authority meets with the Head of the Kurdistan Regiona
Today at 4:17 am by Rocky
» Fox News: The Pentagon still refuses to disclose the number of its forces stationed in Iraq
Today at 4:15 am by Rocky
» Ghazi Ajil Al-Yawar.. The first president of Iraq after the American invasion
Today at 4:14 am by Rocky
» US Forces in Iraq 2003-2024
Today at 4:12 am by Rocky
» Al-Sudani directs to “raise” the readiness of Iraqi forces
Today at 4:11 am by Rocky
» Iraq establishes a bank fund to support Gaza and Lebanon
Today at 4:10 am by Rocky
» House and shop rents reach record prices in Baghdad.. Who controls the real estate market?
Today at 4:09 am by Rocky
» Iraq is moving towards new legislation to combat climate change
Today at 4:08 am by Rocky
» Rafidain: Launching social assistance salaries
Today at 4:07 am by Rocky
» The Federal Service Council reveals 6,000 job positions
Today at 4:05 am by Rocky
» The President of the Supreme Judicial Council receives the President of the Iraqi Journalists Syndic
Today at 4:04 am by Rocky
» Al-Sudani gives 48 hours to identify those responsible for security breach in Baghdad
Today at 4:03 am by Rocky
» Sudanese government to suspend official work on October 3
Today at 4:02 am by Rocky
» Ministry of Transport: We have begun clearing Iraqi airspace of arriving, departing and transiting a
Today at 4:01 am by Rocky
» Cabinet decisions for today
Today at 4:00 am by Rocky
» Al-Sudani visits the Joint Operations Command headquarters in Baghdad
Today at 3:58 am by Rocky
» Al-Sudani directs to control and raise the level of security capabilities
Today at 3:56 am by Rocky
» 2025 schedules to be discussed soon...a proactive step to guarantee employees' salaries
Today at 3:53 am by Rocky
» House of Representatives votes on Personal Status Law today
Today at 3:52 am by Rocky
» A new rise in the price of the dollar against the dinar in the Iraqi markets
Today at 3:50 am by Rocky
» 72 various rumors recorded during the current week in Iraq
Today at 3:49 am by Rocky
» Al-Sudani's government... achievements on various levels
Today at 3:48 am by Rocky
» utube 9/28/24 MM&C IQD Update News -Iraq PM - $83 Billion 3 Years - Stability - Global Contracts -
Yesterday at 7:17 am by Rocky
» MP: Strategic facilities in Iraq are fully secured
Yesterday at 7:07 am by Rocky
» Central Bank of Iraq sells more than $250 million in auction today
Yesterday at 7:05 am by Rocky
» Iraq is the fifth largest oil supplier to South Korea in the month
Yesterday at 7:04 am by Rocky
» Launch of the October social assistance payment
Yesterday at 7:03 am by Rocky
» Al-Sudani's advisor explains: Did electronic payment procedures contribute to preserving the dinar's
Yesterday at 7:02 am by Rocky
» Baghdad funds Erbil with 243 billion dinars to pay salaries of the region’s employees
Yesterday at 6:58 am by Rocky
» The Council of Ministers holds its regular session headed by Al-Sudani
Yesterday at 6:56 am by Rocky
» Prime Minister Makes Phone Call to Jordanian King
Yesterday at 6:55 am by Rocky
» Commerce announces launch of new food basket
Yesterday at 6:54 am by Rocky
» Warning to Iraqis: New ways to steal your money and smuggle it abroad
Yesterday at 6:50 am by Rocky
» Former MP: Parliament presidency decision postponed until further notice due to recent events
Yesterday at 5:10 am by Rocky
» Al-Kubaisi: Al-Halbousi has no choice but to support Al-Mashhadani for the presidency of Parliament
Yesterday at 5:09 am by Rocky
» Coordination Framework Leader: Weakness in Cybersecurity Equals Danger of Terrorism
Yesterday at 5:08 am by Rocky
» MP confirms proceeding with questioning the Minister of Transport
Yesterday at 5:06 am by Rocky
» Parliamentary complaint against the Minister of Finance due to the delay in releasing allocations to
Yesterday at 5:05 am by Rocky
» Document: Al-Sadr sues an Iraqi Foreign Ministry employee who refused to interrupt Netanyahu’s speec
Yesterday at 5:03 am by Rocky
» Nechirvan Barzani discusses several issues with the Russian ambassador, including the Kurdistan elec
Yesterday at 5:02 am by Rocky
» Al-Fartousi: There are no hazardous materials in Iraqi ports
Yesterday at 5:00 am by Rocky
» Two rounds of licensing for oil and gas investment in the next phase
Yesterday at 4:58 am by Rocky
» World Green Economy Summit Announces Program for 10th Session
Yesterday at 4:57 am by Rocky
» Minister of Industry counts the number of profitable government companies: I do not support their pr
Yesterday at 4:55 am by Rocky
» This is their value.. 9 American and Asian investment funds trade in the Iraqi market
Yesterday at 4:54 am by Rocky
» Minister of Planning: We have moved forward to draw a new map of the population reality in Iraq
Yesterday at 4:53 am by Rocky
» Completing the procedures for raising pensioners’ salaries in Iraq
Yesterday at 4:52 am by Rocky
» Start accepting service purchase requests
Yesterday at 4:49 am by Rocky
» State Administration Coalition confirms unity of Iraqi position
Yesterday at 4:47 am by Rocky
» Establishing 19 schools with international standards in Kirkuk
Yesterday at 4:45 am by Rocky
» Decrease in illiteracy rates in the region
Yesterday at 4:44 am by Rocky
» Purchase of service for insured workers for retirement purposes
Yesterday at 4:43 am by Rocky
» Implementation of 6 major projects in the capital
Yesterday at 4:41 am by Rocky
» Iraqi oil rebounds amid Middle East escalation
Yesterday at 4:38 am by Rocky
» Baghdad Today publishes the names of those covered by income-generating loans in the Ministry of Lab
Yesterday at 4:37 am by Rocky
» The crisis of fleeing the land of the cedars.. Kurdistan's eye on Lebanese investors, but! - Urgent
Yesterday at 4:35 am by Rocky
» "Air Peak" Enters the Skies of Two US Forces Bases in Iraq
Yesterday at 4:33 am by Rocky
» Revealing the number of citizens in the Hasabi project.. a different number to satisfy Baghdad
Yesterday at 4:31 am by Rocky
» An expert reveals the reason for the fragility of the Iraqi market: Countries want imports to remain
Yesterday at 4:30 am by Rocky
» Market Forces Committee recommends holding an Iraqi-Turkish forum in Baghdad
Yesterday at 4:28 am by Rocky
» Expert proposes a single proposal to confront the decline in oil prices and issues a warning to prod
Yesterday at 4:26 am by Rocky
» Head of Erbil Chamber of Commerce reveals steps to develop trade relations with Russia
Yesterday at 4:24 am by Rocky
» In Al-Sudani’s office, the State Administration Coalition discusses “dangerous” developments in the
Yesterday at 4:23 am by Rocky