June 5, 2018 / 8:08 AM / a year ago

Dollar surges vs peso after Mexico slaps retaliatory tariffs

LONDON, June 5 (Reuters) - The dollar surged against the Mexican peso on Tuesday after Mexico said it will impose a 20 percent tariff on U.S. pork imports after U.S. President Donald Trump slapped tariffs on steel and aluminium.

The greenback was trading at 20.20 pesos per dollar , up 0.6 percent on the day and at its highest levels since February 2017.

The tariff was in response to the Trump administration’s decision last week to impose steel and aluminum tariffs on Mexican exporters on grounds that countries including Mexico engage in competition damaging to U.S. national security.

The U.S. decision to go ahead with the steel and aluminum tariffs has complicated talks with Mexico and Canada to rework the North America Free Trade Agreement (NAFTA). ING strategists said the latest moves by Mexico might prompt Trump to pull out of NAFTA. (Reporting by Saikat Chatterjee, editing by Karin Strohecker)

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