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    Mexico Hits Back against Steel Duties with Tariffs on U.S. Imports



    Mexico has announced new levies on U.S. imports in response to U.S. President Donald Trump's decision to impose hefty tariffs on imports of steel and aluminum.

    The peso fell on Tuesday after Mexico imposed tariffs on U.S. products including bourbon, apples, potatoes, cheese, and pork in retaliation to the steel duties.

    Mexico's peso was down 1.4 percent at 20.35 to the dollar in early trade.

    The announcement of tariffs ranging from 15 percent to 25 percent came as the future of the NAFTA trade deal came under new pressure from the White house. The list of U.S. products subject to fresh tariffs did not include the top two US agricultural exports to Mexico: Corn and soybeans. This would enable the animal feed products to continue to enter Mexico's domestic livestock and poultry industries.

    The new tariffs came after the Trump administration restated its desire to push for bilateral talks on NAFTA with Mexico and Canada. According to Larry Kudlow, economic adviser to Trump, Washington was now inclined towards such change, saying that countries that are different potentially deserves varying deals. Mexico has opposed such attempts to split the NAFTA allies.

    Jaime Zabludovsky, one of Mexico's original Nafta negotiators, said Trump's desire to negotiate separately was senseless and also put the interests of US private sector at risk.

    Prime News are provided byInstaForex.

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    Oil Prices Rally on Venezuelan Supply Disruptions



    Oil prices rallied on Thursday to pare some of the prior session's losses, propped up by declining exports by OPEC-member Venezuela.

    Brent crude futures traded up 33 cents or 0.4 percent, to $75.69 per barrel. Meanwhile, U.S. WTI crude rose 33 cents or 0.6 percent at $65.11 per barrel. It finished the prior session 1.2 percent lower at $64.73 per barrel.

    Venezuela, a member of the OPEC,is lagging in shipping crude to clients from its main oil export port for almost a month, according to Reuters data, as chronic postponements threaten to breach state-run PDVSA's crude supply contracts if they are not quickly delivered.

    Tankers waiting to load over 24 million barrels of crude,almost as much as PDVSA sippined in April, are waiting in the country's main oil port. Reuters data showed that the backlog is so serious, PDVSA advised some customers it may announce force majeure, allowing it to temporarily stop contracts if they do not take on new delivery terms.

    Venezuela's supply troubles come amid voluntary production cuts by OPEC which have been implemented since 2017 in order to rebalance the market and drive up prices. The cartel is slated to meet at its headquarters in Vienna, along with top producer but non-OPEC member Russia, on June 22 to talk about production policy.

    Iran, a member of OPEC, said on Wednesday that a production boost was not up for consideration as the market was steady and prices were good.

    Prime News are provided byInstaForex.

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    Chinese Australian Imports Rise but AUD Does Not, May Fall Rather



    The Australian Dollar headed lower after May’s Chinese trade data crossed the wires. In both Yuan and US Dollar terms, China’s surplus missed expectations. This suggests a lower-than-anticipated boost to local economic growth as net exports are one of the four components of GDP. However, in both measurements, exports and imports rose above estimates.

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