Mexico announced the reinstatement of 15% tariffs on the import of different types of steel from June 2022, which will gradually disappear at the end of 2024, as a measure to support the local industry, hit by the Covid-19 pandemic.
The Government announced the measure for more than 100 tariff items that include rolled steels, rod and tubes, among others, in a presidential decree published in the Official Gazette on Monday night.
The document indicates that in an international economic context of recovery from the ravages of the pandemic, the local steel industry “requires a period of adjustment that allows it to resort to the necessary legal instruments against unfair trade practices.”
This, in order to establish conditions for the reactivation of the sector, added the decree.
Mexico had imposed tariffs following the decision in March 2018 of the then US president, Donald Trump, to set tariffs of 25% on steel and 10% on aluminum for reasons of national security under the so-called “Section 232”.
The measure, which affected both Canada and Mexico and threatened negotiations on the modernization of the North American free trade agreement, now T-MEC, was suspended after the United States lifted the levies on its business partners.
The Ministry of Economy It did not immediately reply to a Reuters query on whether the new tariffs would affect the United States and Canada, its partners in the T-MEC.
Reference-www.eleconomista.com.mx