Mexico adds high taxes on Asian imports to protect local industry
Mexico will charge up to 50% tax on over 1,400 products from China and Asian countries to support domestic production
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Mexico is adding high taxes on more than 1,400 products from China and other Asian countries. The taxes can be as high as 50%. Mexico bought $130 billion of Chinese products in 2024.
The new taxes will affect cars, clothes, electronics, shoes, and toys. President Claudia Sheinbaum says these taxes will help Mexican companies produce more. The taxes are not only because of pressure from the United States.
Mexico says some Chinese products, like cars, are sold too cheaply. The government wants to make things fair for Mexican manufacturers. These taxes will cover 8.6% of Mexico's foreign purchases.
The taxes will mostly affect China, South Korea, Thailand, India, Philippines, and Indonesia. Mexico's Congress will probably approve these taxes easily.
Original Article
yahoo.comhttps://finance.yahoo.com/news/mexicos-tariffs-asian-imports-aim-012438090.html