Mexico will raise tariffs on selected products from countries without free trade agreements(FTAs) with the country, including South Korea and China.
According to the Mexican presidential office on Tuesday, revisions to the General Import and Export Tax Law(LIGIE) adjusting tariff rates across a wide range of imported goods were published in the government’s official gazette.
The new rates will take effect on January 1 and apply to one‑thousand‑463 items designated by the Mexican government as strategic products to support domestic industries including footwear, textiles, apparel, steel and automobiles.
Tariff rates will generally range from five to 35 percent, while some steel products will face duties of up to 50 percent.
The measure targets countries without FTAs with Mexico — among them South Korea, China, India, Vietnam, Thailand, Indonesia, Taiwan, the United Arab Emirates and South Africa — though it is widely viewed as primarily aimed at China.