The Mexican peso tumbled on Tuesday after Mexico announced that in retaliation to Trump's import tariffs on steel and aluminum, it would impose a 20% tariff on U.S. pork imports.

"The government of Mexico responds, responds with equivalent measures for diverse products, such as flat steel, lamps, legs and pork trowels, sausages and food preparations, apples, grapes, cranberries, and various cheeses among others, up to a comparable amount to the level of disruption," stated Mexican Foreign Minister Luis Videgaray.