Mexico raises tariffs – most up to 35% – on countries without free trade agreements with Mexico, including China, India, South Korea, Thailand and Indonesia. China is expected to bear the greatest impact. The levies will also provide an additional $3.76 billion in government revenue next year as Mexico works to reduce its fiscal deficit. The hikes come as Mexico looks to quell Washington’s accusations that it has become a back door for Chinese imports looking to skirt US tariffs, with a review of the trilateral US-Mexico-Canada free trade pact due next year. Meanwhile, Beijing has imposed levies of its own, raising tariffs as high as 55% on some beef imports from the US and Brazil.
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Mexico raises tariffs – most up to 35% – on countries without free trade agreements with Mexico, including China, India, South Korea, Thailand and Indonesia. China is expected to bear the greatest impact. The levies will also provide an additional $3.76 billion in government revenue next year as Mexico works to reduce its fiscal deficit. The hikes come as Mexico looks to quell Washington’s accusations that it has become a back door for Chinese imports looking to skirt US tariffs, with a review of the trilateral US-Mexico-Canada free trade pact due next year. Meanwhile, Beijing has imposed levies of its own, raising tariffs as high as 55% on some beef imports from the US and Brazil.