Mexico Plans To Impose New Tariffs On US Imports

- Mar 12, 2019-

Mexico plans to impose new tariffs on US imports in April this year to pressure US Congress members to lift tariffs on Mexican steel and aluminum. Deputy Foreign Trade Minister Luz Maríadela Mora told the Senate last week that the new tariff will be between 7% and 25%. In May of last year, on the grounds of national security, the United States announced that it would impose a 25% tariff on steel from June 1 and a 10% tariff on aluminum. Mexico subsequently countered the tariff policy imposed on US imports, including stainless steel pots, pork, apples, some cheeses and bourbon. These products were chosen because they were produced in large quantities in the US states, and these states had important political significance for President Donald Trump in the midterm elections last November. Despite the implementation of tit-for-tat tariffs and trade tensions, Mexico, the United States and Canada signed a new trilateral trade agreement on November 30 last year after more than a year of controversial negotiations. Once approved by the legislative bodies of the two countries, the agreement will replace the 25-year-old North American Free Trade Agreement. The Deputy Foreign Trade Minister stated that although Mexico agreed to the terms of the agreement, the government is not in a hurry to let it take effect. Because the government hopes to reach a new agreement.