Trade Cases
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
Read more from Sandy WilliamsLatest in Trade Cases
Price: Expect new trade shocks as Trump’s ‘reciprocal’ tariff negotiations continue
President Trump cast a wide net with the proposed, reciprocal tariffs. The negotiating stage will be critical to determining the success of his strategy. And for those suffering tariff whiplash, don’t expect the pace of change to slow down just because the reciprocal tariffs are entering a negotiating phase.
SMU Survey: Less support seen for Trump tariff policies
Meanwhile, an increasing number think it's too early to say whether the penalties are going to bring more manufacturing to the US.
CRU: USW seeks exclusion for Canada from Trump’s tariffs
The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America
Price on trade: A lot happened last week – and it wasn’t all about tariffs
Should foreign investment be allowed to reshape the American steel Industry? Not to be lost in the recent on-again-off-again tariff frenzy, Nippon Steel’s proposed takeover of U.S. Steel has also found itself in President Trump’s crosshairs when it comes to trade and industrial policy. Nippon Steel initially announced its nearly $15-billion bid for U.S. Steel […]
Trump signs executive order aimed at making US shipbuilding ‘great again’
President Trump on Wednesday signed an executive order meant to breathe new life into American shipbuilding and curb Chinese dominance in the sector.