MEXICO CITY (CNN Money) – The US trade dispute with Mexico is heating up.READ MORE: CBS4 Exclusive: Former Broward Sheriff Scott Israel Calls Scot Peterson's Press Conference On His Deposition 'Fictional'
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 announced a series of tariffs against US exports to its market valued at a reported $3 billion, raising the price of products including pork, apples, potatoes, bourbon as well as different types of cheese.READ MORE: Miami Beach City Commission Unanimously Approves Dedicating Baseball Field After Surfside Condo Collapse Victim Manny LaFont
“It is necessary and urgent to impose measures equivalent to the measures implemented by” the US, 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 US 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.MORE NEWS: Parkland Parent Max Schachter Donates $25,000 To Marjory Stoneman Douglas Orchestra To ‘Keep Alex's Memory Alive’
That put it behind only China in terms of the value of US exports.