Mexico Weighs New Tariffs on Chinese Steel, Autos Amid Usmca Uncertainty

Mexico is considering imposing additional tariffs on Chinese steel, automobiles and other goods, according to a report, a move widely seen as an effort to align with U.S. pressure for a joint front against China amid uncertainty over the future of the US-Mexico-Canada Agreement (USMCA). Bloomberg reported on Monday, citing four people familiar with the matter, that the Mexican government has been internally discussing raising or newly imposing import tariffs on products from countries such as China that do not have a free trade agreement (FTA) with Mexico. Mexico's economy and finance ministries are currently evaluating which goods without bilateral trade agreements could face new tariffs and which could see rate increases, with steel products and automobiles among the leading candidates.

The economy ministry said in a statement that there are no concrete plans or proposals to implement new tariff adjustments. However, the ministry, which oversees foreign trade, said it has been holding ongoing consultations with companies, similar to when it prepared a tariff package on Asian imports earlier this year.