David Koch leaving politics, business due to declining health

Virginia Carson
June 6, 2018

Meanwhile, negotiations with Canada and Mexico regarding the North American Free Trade Agreement are turning toxic as those countries weigh retaliation against Washington for the new steel and aluminium tariffs. But he said the usa insistence on a five-year sunset clause was a deal breaker.

Following news of the new Mexican tariffs, which take effect immediately, the peso tumbled to its weakest level since February 2017, making it one of the worst performers among major currencies.

In its official gazette, the ministry said it will impose 20% to 25% tariffs on US cheese, 20% on apples and potatoes, 20% on pork legs and shoulders and 25% on steel products, as first reported by Reuters.

China has complained that it should not have to negotiate measures to reduce its $375 billion goods trade surplus with America under the threat of tariffs on up to $150 billion of its exports to the U.S as part of a separate dispute over intellectual property (IP) protections.

Following the timeline from last week, the White House slapped steel and aluminum tariffs on Canada, Mexico and the European Union. Mexico tailored the list of retaliatory duties to hit states governed by senior Republicans, such as the bourbon produced in the home state of Senate Majority Leader Mitch McConnell (R-Kty.).

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A range of retaliatory measures against the United States' metal tariffs took effect today, including 20% duties on USA pork, apples and potatoes.

David Koch, one half of the billionaire duo that built one of the nation's largest privately owned companies and one of its most controversial political networks, has announced his retirement from politics and business.

The lawmakers were trying to draft a narrowly focused bill that would require a vote in Congress to approve tariffs when the administration claims they're needed for national security, as it did for those on steel and aluminum from the top USA allies. "We will work aggressively to educate policymakers and others about the facts", James Davis, executive vice president of Freedom partners said.

Mexico announced its response to Trump's move last week with a focus on products from congressional districts that Trump's Republican party is fighting to retain in November. He also said that the products to which the new tariffs apply were chosen to limit the impact on inflation.

"This is a really sad time for us".

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"We are deeply saddened by this, as we miss David's insightful questions and his many contributions to Koch Industries", Charles Koch said in the letter.

Canada sent 84 percent of its steel exports, worth C$9 billion, south past year, according to Statistics Canada. Last week Washington said it was ending a two-month exemption it had granted to imports from Canada, Mexico and the European Union. The United States, Mexico and Canada agreed to NAFTA in the 1990s, and all three countries have worked to renegotiate the deal since Trump became president.

The rally in the stock market also proves that investors don't believe the G-7 has the power to influence the USA decision to impose tariffs despite its expressed "concern and disappointment". The G-7 ministers urged the U.S.to abandon the tariffs ahead of the leaders' summit before the move causes deeper divisions within the G-7.

China has offered to boost purchases of American goods by about $25 billion this year to fulfill President Donald Trump's desire to shrink the USA trade deficit with the world's second-largest economy, according to two people familiar with the matter.

Mexico is a huge importer of pork legs and shoulders since they are used in the country's most popular dishes, including tacos and carnitas.

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Analysts say the tariffs are created to hit US Republican strongholds ahead of mid-term elections in November.

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