MEXICO CITY: Mexico’s Senate on Wednesday (Dec 10) approved tariff hikes of up to 50 per cent next year on imports from China and several other Asian countries, aiming to bolster local industry despite opposition from business groups.
The proposal, passed earlier by the lower house, will raise or impose new duties of up to 50 per cent from 2026 on certain goods such as autos, auto parts, textiles, clothing, plastics and steel from countries without trade deals with Mexico, including China, India, South Korea, Thailand and Indonesia.
The majority of products will see tariffs of up to 35 per cent.
The Senate passed the Bill with 76 votes in favour, five against and 35 abstentions.
The approved Bill is softer than one that stalled in the lower house this autumn, with tariffs on about 1,400 different product lines – mostly textiles, apparel, steel, auto parts, plastics and footwear – and reduced duties on roughly two-thirds of them compared with the original proposal.
CHINA CRITICISES MOVE
China’s Ministry of Commerce responded on Thursday, saying it would track Mexico’s new tariff regime and weigh its impact, but warned that such measures would “substantially undermine” the interests of trade.
“China has always opposed all forms of unilateral tariff increases and hopes Mexico will correct such unilateralist and protectionist practices as soon as possible,” the commerce ministry said.
When asked at a regular press briefing, a spokesperson for China’s Foreign Affairs Ministry said that “going against the tide of economic globalisation by pursuing protectionism is detrimental to others and yet does not benefit oneself”.
https://www.channelnewsasia.com/world/mexico-tariff-hikes-china-india-south-korea-us-trade-5575281
