Mexico | Mexico imposes tariffs on 544 products.

Summary

Mexico imposes temporary tariffs between 5% and 50% on the import of 544 tariff items applicable to products from countries with which it does not have trade agreements, including China, and subsequently rectifies some tariffs.

Key points

• Key points:
• The items considered include steel products, textiles, footwear, wood, plastics, chemicals, paper, electronics, transport equipment and furniture.
• The industries involved are also identified as some of the most competitive, which coincide with the revealed comparative advantage indicator calculated by BBVA Research.
• According to the decree, from 2018 to 2023 (the period we associate with the nearshoring process) the production chains of these industries have been impacted by geopolitical and trade conflicts, reducing their competitiveness.
• The benefit of the Sectoral Promotion Programs applicable to tariff items of various steel products for the industrial sectors considered strategic (electrical, electronic, automotive and auto parts) is maintained.
• The new tariffs are protectionist measures that make the economy less competitive and affect consumers.

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