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Mexico plans to impose tariffs of up to 50% on goods exported from China and other Asian countries starting next year
According to overseas reports, the Mexican House of Representatives and the Senate passed a bill on Wednesday (December 10) to impose tariffs of up to 50% on China and other Asian countries that have not signed trade agreements with Mexico, such as India, South Korea, Thailand and Indonesia, starting next year.
The Mexican Senate passed the bill with 76 votes in favor, 5 against, and 35 abstentions. The House of Representatives earlier passed the bill with 281 votes in favor, 24 against, and 149 abstentions. It aims to strengthen Mexico's domestic production and solve the serious trade deficit problem. It will impose tariffs on automobiles, auto parts, textiles, clothing, plastics, steel and other commodities. Among them, the tariff rate for most goods is set at 35%.
The Mexican government led by President Sheinbaum submitted the above proposal to Congress on September 9, but lobbying from Asian countries and opposition from the domestic private sector and some lawmakers have slowed the progress of the proposal.
The tariffs will still cover a wide range of product categories, from clothing and footwear to steel, aluminum and auto parts. The Mexican Ministry of Finance predicts that new import revenue will be 51.9 billion pesos (S$3.686 billion) in 2026, an increase of 8.3% over 2024.
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