Government/Policy
Mexico Renews Steel Tariffs for Five Years
Written by Sandy Williams
September 26, 2019
Mexico will renew its tariffs covering imports of over 200 steel products for the next five years, but will decrease the rates on most products to 5 percent by September 2023. The tariffs apply to countries with which Mexico does not have a free trade agreement.
The current tariff is 15 percent, but will fall to 10 percent for all but 30 of 228 products in September 2021. The rate will further decline to 5 percent in September 2023.
Tariffs on the remaining 30 products will be reduced at varying rates over the next five years with some tariffs continuing beyond August 2024.
“With the objective of establishing a favorable environment that allows the steel industry to adjust to the global economic context, and boost the internal market, it is necessary to end the dynamic of half-yearly renewals of tariffs…and in its place define a medium to long-term tariff policy,” said a filing by the Mexican Ministry of Economy.
Máximo Vedoya, president of steel association Canacero and CEO of Ternium Steel, welcomed the tariff extension.
“A great job from economy secretary Graciela Marquéz and her team, defending the Mexican industry from unfair competition and strengthening the development of Mexico,” wrote Vedoya on Twitter.
Sandy Williams
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