Mexico Lower House Approves Import Tariffs Reform

Mexico’s lower house approved broad import-tariff increases across multiple sectors under a decree promoted by the country’s President Claudia Sheinbaum, according to a note on lower house website.

• Measure passes with 281 votes in favor, 24 against and 149 abstentions
• Decree revises tariff lines in the Import and Export Tax Law to promote “sovereign, sustainable and inclusive reindustrialization”
• New duties cover sectors including autos and parts, textiles and apparel, plastics, steel, appliances, toys, footwear, aluminum, paper, furniture, glass and cosmetics
• Targeted countries include China, South Korea, India, Vietnam, Thailand, Brazil, Indonesia, Taiwan, Nicaragua, UAE and South Africa, which account ...