International trade frictions arose again, Mexico planed to impose tariffs on imported aluminum semis [SMM analysis]

On the evening of April 22, the Mexican Ministry of Economy published a Federal Official Gazette entitled "Decree to Amend Tariffs of the General Import and Export Tax Law", proposing to impose temporary tariffs of 5% to 50% on imports of goods belonging to 544 tariff levels, involving steel, aluminum, textiles, clothing, footwear, wood, plastics and their products. Manufactured goods, chemical products, paper and paperboard, ceramic products, glass and its products, electrical equipment, transportation equipment, musical instruments, furniture, etc. The decree was published in the Federal Official Gazette on April 22, 2024 and will enter into force on April 23. Its validity period is two years from the date of entry into force.
According to customs data, China's exports of aluminum semis to Mexico totalled about 509,000 mt in 2023, accounting for 9.6% of total domestic aluminum semis exports. In the first quarter of 2024, the total amount of domestic aluminum semis exported to Mexico was about 159,000 tons, accounting for 11.2% of the total. The domestic aluminum semis products exported to Mexico were mainly aluminum plate/sheet and strip products, with an average monthly export volume of about 35,000 to 40,000 tons, accounting for about 15% of the total.