Market Brief
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Mexico's President Claudia Sheinbaum has criticized the recent U.S. decision to double tariffs on Mexican steel and aluminum imports to 50%, calling the measure unjustified and lacking legal basis. The tariff increase, signed by U.S. President Donald Trump under Section 232 of the Trade Expansion Act of 1962, excludes the United Kingdom but applies to all other countries, including Mexico. The 50% tariffs have been in effect since June 4. In response, Sheinbaum held meetings with steel and aluminum industry leaders and cabinet members, including Economy Minister Marcelo Ebrard and Finance Minister Édgar Amador Zamora, beginning June 4 to assess the impact of the tariffs and discuss potential actions. Sheinbaum emphasized the government's responsibility to protect jobs in the affected sectors. Economy Minister Ebrard has initiated negotiations with U.S. officials, including a cordial conversation with U.S. Trade Representative Jamieson Greer. Ebrard reported progress in talks aimed at securing an exemption for Mexico from the 50% tariffs. He is currently in Washington D.C. to present Mexico's case. Sheinbaum has stated that if negotiations fail to yield an agreement, Mexico will announce countermeasures next week to defend its interests. Further discussions between Sheinbaum and U.S. officials, including a meeting with U.S. Ambassador Landau scheduled for June 11, are planned to address the issue.
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