Mexico, 50% tariff on Chinese products - The measure will affect over $52 billion in imports
Mexico announced it would raise tariffs on vehicles coming from China and other Asian countries to 50%. The Economy Ministry said the changes, which will affect customs duties on sectors as diverse as textiles, steel and automotive products, will affect more than $52 billion in imports.
Official sources informed that tariffs on Chinese cars are currently around 20%, and they are expected to be raised to the maximum level allowed under World Trade Organization rules. According to them, without some protection, local companies cannot compete, noting that Chinese cars are entering the market at prices below “reference values.”
The government also expects the measures to save about 325,000 jobs in the industrial and manufacturing sectors that are at risk. The law will apply tariffs on products from countries that do not have trade agreements with Mexico, including not only China, but also South Korea, India, Russia, Thailand and Turkey.
In addition to cars, new taxes will also be imposed on steel, toys, motorcycles and textiles, with rates ranging from 10% to 50% depending on the goods. The draft law still needs to be approved by Congress, where the government has a significant majority.
China responded by opposing trade barriers under "various justifications" and said it would protect its interests according to the specific situation.
The changes come as the US continues to pressure Latin American countries to limit their trade ties with Beijing, a rapidly growing trading partner in the region. Mexico hopes the changes will help preserve economic agreements and address the country's trade deficit abroad.
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