Mexico implements safeguard measures by raising tariffs on steel imports

Mexico is revising its steel safeguards by raising tariffs on steel imports. The move aims to support local producers who face domestic and global headwinds due to increased imports. According to an official statement, Mexico’s Ministry of Economy announced a temporary increase in tariffs on steel imports from countries without free trade agreements from 15% to 25% to avoid disruptions to production chains and maintain the competitiveness of industrial sectors with weak resistance. It is reported that the new tariffs are valid for steel products such as steel bars, wire rods, hot-rolled coils, cold-rolled coils, coated plates, rectangular hollow steel, and steel pipes from August 16, 2023, to July 31, 2025. In recent years, various sectors of the country’s industry have been affected by the slowdown in economic growth caused by the COVID-19 epidemic, said to the Ministry. The government is obliged to implement mechanisms to stabilize national industrial sectors, eliminate trade distortions, and maintain global market balance in accordance with international law and international commitments. According to the latest decision, Mexico canceled the tariff relief plan that was originally scheduled to be implemented in October 2024. As early as September 2019, the Ministry planned to phase out the 15% safeguard duty on most steel imports.