Mexico’s government implemented a temporary increase in tariffs on imports from countries with which it does not have a trade agreement in order to strengthen local producers, the Ministry of Economy reported.
“The measure, published in the Official Gazette of the Federation, considers inputs and merchandise from strategic industries such as steel, textiles, clothing, footwear, aluminum, tires, plastics, glass, and ceramics, among others,” Mexico’s Ministry of Economy said in a statement.
“This measure is estimated to assist over 206,000 micro, small, and medium-sized firms, generating over one million jobs,” the ministry added.
“The temporary increase is intended to foster the development of domestic industry, support the domestic market, and strengthen the integration of domestic producers into value chains,” Mexico’s Ministry of Economy said.
In recent years, various sectors of production and supply chains of the national industry have been affected by the economic slowdown and unfair trade practices of some countries after the pandemic of the new coronavirus, according to the Ministry.
“This is reflected in the commercial displacement of some national products as well as the impact on small and medium-sized enterprises,” the Ministry added.
The measure seeks to eliminate distortions in trade to safeguard the balance of the global market and takes into account the international agreements to which Mexico is a party.
