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Mexico's Senate Approves Tariffs Up to 50% on Products from CN/ Other Asian Countries
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Mexico's Senate approved tariffs of 5-50% on over 1,400 products from Asian countries with which Mexico has not signed trade agreements. The new tariffs will take effect next year, covering various products including clothing, metals and auto parts. According to the regulations, Chinese autos will face the highest tariffs at 50%. The Mexican Ministry of Finance estimated that the new tariffs will generate nearly MXN52 billion (approx. US$2.8 billion) in additional revenue next year. Manufacturers relying on raw materials from China, India, South Korea and other countries warned that rising costs may exacerbate inflation. AASTOCKS Financial News Website: www.aastocks.com |
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