“The Mexican Congress has extended the approval deadline for imposing tariffs of up to 50% on countries without a Free Trade Agreement (FTA) with Mexico until 2027.
The Mexican House of Representatives’ Economic and Trade Committee passed a proposal on October 28 to extend the review and approval period for the government’s amendment to the General Import and Export Tax Law until the conclusion of the 66th House term on August 31, 2027.
Previously, the Mexican government announced that it would select over 1,400 items from 17 strategic sectors, including automobiles and auto parts, steel and aluminum, plastics, appliances, and textiles, to impose differential maximum tariffs.
With the implementation of this policy, the current tariff rates, which range from 0 to 35%, will be increased to a maximum of 50%.
The countries subject to these tariffs are those without an FTA with Mexico, which includes South Korea, the largest trading partner for Mexico in Latin America.
Previously, Mexican President Claudia Sheinbaum stated in several press conferences, ‘We are open to dialogue with South Korea and China.'”