North America Unites: Mexico Considers Matching U.S. Tariffs on China

U.S. Treasury Secretary Scott Bessent shared Mexico's plan to match U.S. tariffs on China. Canada is urged to join the effort to create a 'fortress' against Chinese imports. The Chinese embassy opposes the move, citing World Trade Organization violations. Mexico considers further actions amid trade tensions.

U.S. Treasury Secretary Scott Bessent announced on Friday that Mexico has proposed aligning its tariffs with the U.S. on Chinese imports, calling it an 'interesting' step that Canada should consider replicating. This comes as Mexican officials meet with the Trump administration for trade discussions, ahead of the March 4 deadline for tariffs on Mexican and Canadian imports to be enforced, alongside a 10% Chinese import duty.

Bessent mentioned that a unified North American front against Chinese imports could be advantageous, labeling the Chinese economy as historically unbalanced. Canadian officials have yet to comment on this suggestion. Meanwhile, a Chinese embassy statement in Washington called the U.S.'s tariff strategy a violation of World Trade Organization rules and urged a return to mutual respect and equal consultations.

Unnamed sources told Bloomberg that Mexico's proposed tariffs would target cars and auto parts, likely in response to the potential 25% tariff the U.S. plans to impose on Mexican goods. Mexico's Deputy Economy Minister, Vidal Llerenas, indicated the country might introduce further trade measures, potentially beyond existing tariffs on goods, primarily from China, that were previously allowed in under low-cost exemptions.

(With inputs from agencies.)