Mexico will increase tariff coverage on Asian products
Mexico has announced plans to significantly increase tariff coverage on a variety of imported products from Asian countries, including China. The Mexican government will raise the number of tariff items subject to a 25% tariff from 392 to 540. This move is being implemented as part of a strategy to protect domestic industry, especially in sensitive sectors such as steel, aluminum, textiles, garments, and plastics.
Secretary of Economy, Raquel Buenrostro, has emphasized the importance of maintaining integrity and transparency in international trade, stressing the need for certificates of origin to ensure traceability of Mexican products. This measure aims to combat unfair competition and reaffirm Mexico’s commitment to complying with international trade agreements, such as the USMCA.
Furthermore, it has been noted that during 2023, nearly half of the United States’ steel exports went to Mexico, resulting in a historic trade deficit for the latter. Despite this, it is highlighted that the Mexican government remains committed to negotiations to avoid trade conflicts and strengthen cooperation with the steel sector to promote a more robust industrial policy focused on domestic products and raw materials.
To read the full article: https://www.eleconomista.com.mx/empresas/Mexico-ampliara-aranceles-a-productos-de-China-que-incurran-en-competencia-desleal-Raquel-Buenrostro-20240321-0117.html