Mexico's New Tariffs: Aligning with U.S. Against Asian Imports

Mexico is implementing new tariffs on imports from mainly Asian countries, aligning with the U.S. to restrict Chinese imports. The tariffs, aimed at boosting domestic production and reducing trade imbalances, will apply primarily to products like automobiles and textiles, impacting thousands of products and generating additional government revenue.

Mexico is set to enforce new tariffs on Thursday, targeting imports from mostly Asian nations in a bid to align more closely with the United States in restricting Chinese imports.

This measure, approved by Congress, increases tariffs to as much as 35% on countries lacking free trade agreements with Mexico, including China, India, South Korea, Thailand, and Indonesia. The country aims to bolster domestic industries and address trade imbalances through these tariffs, with China expected to feel the greatest impact.

Despite opposition from China and local industries, the Mexican government argues these tariffs will protect nearly 350,000 jobs in sensitive sectors and contribute significantly to the nation's revenue, as it seeks economic stability ahead of the upcoming USMCA trade agreement review.

(With inputs from agencies.)