When it comes to pork and other porcine products, Mexico is the biggest importer of goods produced in the U.S.by volume, and pork producers in the country will now be subject to a tariff of 20 percent on a range of goods, including pork leg and shoulder, and ham, according to a Mexican presidential decree that announced the tariffs.
US tariffs on steel and aluminum are a major sore point.
But critics of Mr Mnuchin's approach say the new CFIUS legislation would be a weak substitute for the investment curbs the White House is considering in its trade dispute with China.
Trump mentioned the idea on Friday following a meeting with an official from South Korea. Bourbon-producing Kentucky and cheese-producing Wisconsin are others. The order stipulates charges of 15 percent to 25 percent on USA farm goods including pork, cheese, apples and potatoes, bourbon whiskey and cranberries.
Mexico is the largest market for United States pork exporters.
Jim Heimerl, an OH pork producer and president of the U.S. National Pork Producers Council, said the 20% tariff on pork legs and shoulders eliminates his country's ability to compete in the Mexican market.
"A trade war with Washington's agriculture trading partners and America's closest allies is not in anyone's interest", Newhouse wrote Tuesday.
Mexico's actions are within the rules of the WTO and NAFTA, Mexican Economy Minister Ildefonso Guajardo told reporters on Tuesday.More news: Assad tells USA to leave Syria
"And that's what the G7 is very much for".
That Red Delicious market - and the overall exports of Washington state apples to Mexico - will take a major hit now that Mexico has imposed a 20 percent tariff on apples.
"In no way is this [tariff list] publication revenge".
If the United States removes its tariffs, Mexico will do the same, Baker added.
The change in negotiations from multilateral to bilateral could come swiftly. Also notable are job losses in agriculture, an industry that was a prime target of the retaliations set into motion by Mexico, the European Union, and Canada.
A senior administration official declined to discuss the specifics of Trump's phone call with Trudeau but acknowledged some of the President's conversations with his foreign counterparts on the subject of trade have been confrontational.
French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau expressed support for "strong multilateralism" in Ottawa Wednesday before the G7 summit, where US President Donald Trump's aggressive trade policies are sure to raise hackles.
According to the United States Trade Representative's office, the USA had a $17.5 billion dollar goods deficit with Canada in 2017, but an overall surplus of $8.4 billion with Canada in 2017, with services, are included.
Matthew Rooney, a former USA state department official in charge of the Canada file during the Obama administration, said there have been hard times in the past.