Reuters reported that Mexico announced the temporary reinstatement of 15% import tariffs on 100 types of steel from June 2022, which will gradually disappear at the end of 2024. The measures will apply only to countries without a trade agreement with Mexico. The decree said “The local steel industry requires a period of adjustment that allows it to resort to the necessary legal instruments against unfair trade practices." Mexico previously imposed tariffs in 2018 following former US President Mr Donald Trump's 25% Section 232 national security tariffs on steel imports. That measure, which affected both Canada and Mexico and threatened negotiations on the modernization of the North American Free Trade Agreement, which has been revised and renamed the United States-Mexico-Canada Agreement, was suspended after the United States lifted taxes on its trading partners.
Reuters reported that Mexico announced the temporary reinstatement of 15% import tariffs on 100 types of steel from June 2022, which will gradually disappear at the end of 2024. The measures will apply only to countries without a trade agreement with Mexico. The decree said “The local steel industry requires a period of adjustment that allows it to resort to the necessary legal instruments against unfair trade practices." Mexico previously imposed tariffs in 2018 following former US President Mr Donald Trump's 25% Section 232 national security tariffs on steel imports. That measure, which affected both Canada and Mexico and threatened negotiations on the modernization of the North American Free Trade Agreement, which has been revised and renamed the United States-Mexico-Canada Agreement, was suspended after the United States lifted taxes on its trading partners.
