Economy
Mexico Announces 25% Import Tariffs on Steel
Written by Laura Miller
August 18, 2023
Mexico has decided to implement import tariffs on a number of products, among them, steel.
Mexico’s Ministry of Economy said the duties are meant to strengthen the integration of domestic producers across the supply chain.
Steel was the first product specifically listed as products that were considered, and was followed by textiles, clothing, footwear, aluminum, tires, plastics, glass, and ceramics.
While the tariffs range from 10-25% depending on the product, steel products received the maximum 25% tariff rate.
The duties apply only to imports from countries that do not already have a free trade agreement with Mexico.
Mexico’s steel association Canacero put out a statement in support of the tariffs and thanking the federal government for their implementation.
The office of US Trade Representative Katherine Tai also welcomed news of the tariffs.
“The United States welcomes Mexico’s efforts to address global non-market excess capacity in the steel sector. As noted during the 93rd Session of the OECD Steel Committee, the increase in global excess capacity continues to raise risks of further oversupply in the steel sector,” said in a statement from the USTR office.
“The US looks forward to continuing discussions with Mexico to address the recent surge of imports of steel and aluminum products into the US and to ensure greater transparency with regards to Mexico’s steel and aluminum imports from third countries,” it added.
Laura Miller
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