Tariff hikes, levying 5 to 50 percent in additional import costs, have kicked in for 544 products entering Mexico. The higher rates only apply to countries without free trade pacts with the Latin American country, which includes China – its second-largest trading partner and a growing source of shipments over the last two years.
“[The tariffs are] to provide certainty and fair market conditions to domestic industrial sectors that face vulnerability derived from practices that altered and affected international trade,” read a Mexican government statement from April 20 regarding the change.
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