Economy

Mexico Announces 25% Import Tariffs on Steel

August 18, 2023

Mexico has decided to implement import tariffs on a number of products, among them, steel.

Mexico’s Ministry of Economy said the duties are meant to strengthen the integration of domestic producers across the supply chain.

Steel was the first product specifically listed as products that were considered, and was followed by textiles, clothing, footwear, aluminum, tires, plastics, glass, and ceramics.

While the tariffs range from 10-25% depending on the product, steel products received the maximum 25% tariff rate.

The duties apply only to imports from countries that do not already have a free trade agreement with Mexico.

Mexico’s steel association Canacero put out a statement in support of the tariffs and thanking the federal government for their implementation.

The office of US Trade Representative Katherine Tai also welcomed news of the tariffs.

“The United States welcomes Mexico’s efforts to address global non-market excess capacity in the steel sector. As noted during the 93rd Session of the OECD Steel Committee, the increase in global excess capacity continues to raise risks of further oversupply in the steel sector,” said in a statement from the USTR office.

“The US looks forward to continuing discussions with Mexico to address the recent surge of imports of steel and aluminum products into the US and to ensure greater transparency with regards to Mexico’s steel and aluminum imports from third countries,” it added.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.