Mexico's Tariff Tactics: Navigating Diplomatic Pressure
Mexico plans to increase tariffs on imports, notably from China, to protect domestic jobs and align with U.S. diplomatic pressure. The move, covering $52 billion in goods, comes amid strained trade relations and is pending congressional approval. China rebukes these measures, aiming for collaborative economic recovery.
Mexico announced plans to significantly increase tariffs on imports, particularly focusing on the automotive sector from China and other Asian countries. This strategic move, disclosed by the Economy Ministry, aims to safeguard domestic jobs while navigating diplomatic pressures from the United States.
Economy Minister Marcelo Ebrard highlighted the decision as a necessary measure to ensure competitiveness and protect local markets. The tariff overhaul targets various sectors including textiles and steel, impacting a total of $52 billion in imports and affecting countries without trade deals with Mexico.
China has expressed strong opposition to these increased levies, urging cooperative trade development. The plan, which still requires congressional approval, represents a broader strategy aligning with U.S. trade preferences and addresses Mexico's substantial trade deficit with China.
(With inputs from agencies.)
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