However, the United States remains a large net importer of petroleum.
American pork producers, for whom Mexico is the largest export market, were dismayed by the move.
During a meeting with the Trump administration's top economic officials Tuesday, Treasury Secretary Steven Mnuchin advised President Donald Trump against imposing tariffs on Canada, ABC News reported Tuesday.
The tension spilled over into talks to update the three-nation North American Free Trade Agreement, which have effectively stalled.
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.
A range of retaliatory measures against the United States' metal tariffs took effect today, including 20% duties on US pork, apples and potatoes.
Mexico ran up a $3.6 billion steel trade deficit with the U.S.in the past two years, according to the local steel industry chamber.
"Mexico can adjust the composition of the list of products originating from the United States", the ministry warned.
Heriberto Hernández, president of the Mexican Association of Pork Producers (OPORPA), said that he supports the government's decision and didn't expert Mexican pork prices to go up because "there are a lot of alternatives" to US suppliers.
The dispute with Mexico over tariffs makes it more hard to conclude talks on renegotiating NAFTA between the three countries, discussions that began past year because Trump said the deal needed to be reworked to better serve the United States.More news: Georgia cop fired after striking fleeing suspect with patrol auto
The package would include increased purchases of US soybeans, corn and other agricultural goods.
Other measures Mexico imposed include 20-25% tariffs on cheese and bourbon and duties of up to 25% on steel products.
"The toll on rural America from escalating trade disputes with critically important trade partners is mounting", said Jim Heimerl, the council's president and a pork producer from Johnstown, Ohio.
"If the United States introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void", China's official news agency Xinhua said Sunday.
The United States and Mexico do $600 billion in annual trade and about 16 percent of US goods exports go to its southern neighbor. That left a U.S. deficit of more than US$375 billion.
A government source familiar with the trade discussions told FOX Business on Tuesday that Beijing said it would purchase nearly $70 billion worth of US goods, including agricultural products like soybeans and corn, as well as energy products like coal, natural gas and oil. That falls short of the US$200 billion over two years that the Trump administration has demanded the Chinese government buy to address a yawning trade imbalance.
Mnuchin's attempts to change Trump's mind on imposting tariffs on the U.S.'s closest allies comes just days before Trump is set to attend the G-7 summit in Canada on Friday where he'll likely have to answer for his recent moves that have ignited fears of a global trade war.
The tariff decision elicited outcries from allies overseas and domestic business groups - but arguably none more influential among conservatives than the Koch network. Trump directed Mnuchin to draw up the restrictions as part of an investigation into China's alleged theft of intellectual property that also allows the imposition of tariffs.