MEXICO's decision to slap tariffs on some goods from countries with which it doesn't have trade agreements will affect about US$48 billion of the country's imports, seven per cent of the total, according to a Finance Ministry official, reports Bloomberg.
The new tariffs, seen as a response to US concern about Chinese steel and other goods entering North American countries, will also be imposed on aluminum, textiles, and plastics.
Once in force, the tariffs could reduce mexican imports by US$6 billion to $7 billion, said Rodrigo Mariscal, head of the Economic Planning unit at the Finance Ministry, underscoring the ministry s assessment that the effect would be minimal.
We don't believe that it is fundamentally important, Mr Mariscal said.
President Andres Manuel Lopez Obrador's administration published a decree placing temporary tariffs of five per cent to 50 per cent on over 500 kinds of goods, also including aluminum, wood, chemicals, paper and cardboard, glass, electrical equipment, among others.
The new tariffs appear to be mainly aimed at China, after the US accused it of affecting global prices by over-producing goods that sell below the cost of production.
Earlier this month, US Trade Representative Katherine Tai said that steel originally from elsewhere was being worked in Mexico and improperly exported to the US as though it originated in Mexico.
SeaNews Turkey
The new tariffs, seen as a response to US concern about Chinese steel and other goods entering North American countries, will also be imposed on aluminum, textiles, and plastics.
Once in force, the tariffs could reduce mexican imports by US$6 billion to $7 billion, said Rodrigo Mariscal, head of the Economic Planning unit at the Finance Ministry, underscoring the ministry s assessment that the effect would be minimal.
We don't believe that it is fundamentally important, Mr Mariscal said.
President Andres Manuel Lopez Obrador's administration published a decree placing temporary tariffs of five per cent to 50 per cent on over 500 kinds of goods, also including aluminum, wood, chemicals, paper and cardboard, glass, electrical equipment, among others.
The new tariffs appear to be mainly aimed at China, after the US accused it of affecting global prices by over-producing goods that sell below the cost of production.
Earlier this month, US Trade Representative Katherine Tai said that steel originally from elsewhere was being worked in Mexico and improperly exported to the US as though it originated in Mexico.
SeaNews Turkey