The Government of Mexico will send to Congress a reform initiative with which it intends to correct commercial imbalances in some key sectors such as the automaker and the manufacturing, which includes 1,400 tariff fractions and seeks to add about 3,760 million dollars to the state coffers.
The Secretary of the Treasury, Edgar Amador, and the Undersecretary of Income, Carlos Lerma, said Tuesday at a press conference that the Ministry of Economy would send the reform that, they said, complies with the treaties of which the Nation is part.
Lerma said that the tariff initiative implies all the most sensitive sectors of the economy, “from the automotive part, the part of manufactures.”
Meanwhile, Amador said that the products in the sectors in which Mexico does not have national substitutes and a “elasticity” of replacement with local production were “calibrate” to avoid impact on inflation.
“We greatly care for the productive and potential impacts on the price level,” said the secretary, who added that the initiative is aimed at countries with which Mexico has no commercial treaties and complies with the most favored nation parameters of the World Trade Organization (WTO).
The officials did not respond to specific consultations on whether there would be a general increase in tariffs to the countries with which Mexico has no treaties. Nor did they detail which could be affected.
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In recent months, the government has made adjustments to the tariff rate to favor sectors beaten for years by imports from China, such as footwear and textile and preparation.
Cars tariffs would hit imports from vehicles from the Asian giant, with which Mexico does not have a free trade agreement, which have become very popular in the Latin American country.
They would also help to silence complaints from the United States, Mexico’s main commercial partner, about its partner in the TMEC Trade Agreement does not do enough to avoid triangulation of Chinese products towards their territory.
“Primary motivation is the strategy of the Mexico Plan, the strategy of strengthening production, domestic consumption,” Amador was a press conference on the economic package by 2026, accompanied by Lerma and other high level officials of the Treasury.
(1 dollar = 18.6225 Mexican pesos)
With Reuters information.
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