Mexico to raise tariffs on China - President Sheinbaum: We aim to increase domestic production
Mexico's sweeping new tariffs on imports from mainly Asian countries will take effect on Thursday, in a move that will bring Mexico closer to the United States as neighboring countries impose significant barriers to Chinese imports.
Passed by Congress in early December, the measure raises tariffs, most to 35%, on countries without free trade agreements with Mexico, including China, India, South Korea, Thailand and Indonesia. China is expected to have the biggest impact.
The increases will apply to thousands of products, including automobiles, auto parts, textiles, clothing, plastics and steel. The move has drawn strong opposition from China and some domestic industries concerned about rising costs.
Mexican President Claudia Sheinbaum and members of her administration have said the tariffs are intended to boost domestic production and address trade imbalances, and have insisted they are not directed at any specific country.
"This tariff modification aims primarily to protect nearly 350,000 jobs in sensitive sectors such as footwear, textiles, apparel, steel and automobiles, while contributing to sovereign, sustainable and inclusive reindustrialization," Mexico's economy ministry said in a statement.
The taxes will also provide an additional $3.76 billion in government revenue next year, as Mexico works to reduce its fiscal deficit.
Many political and trade analysts believe the tariffs, which will primarily affect Chinese goods, are intended to appease the Trump administration ahead of the upcoming review of the U.S.-Mexico-Canada trade agreement (USMCA).
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