Mexico Increases Import Tariffs on Steel Products
«New» Tariff Increase on Steel Products
The decree increases – again– an import tariff to 15% ad valorem on certain steel products (i.e., 112 tariff items). This tariff will betemporary until June 29, 2022 and will be subject to a tariff reduction scheme.
Context of Tariffs on Steel Products
VTZ wishes to recall that these steel products were subject to a 10% tariff as of September 22, 2021, in accordance with the tariff reduction scheme provided for in the Decree dated September 20, 2019.
However, yesterday’s decree mentions that the 15% tariff is again justified by the global economic situation and, particularly, that of the steel industry. VTZ points out that the decree states that the Mexican steel industry requires an adjustment period to resort to the necessary legal instruments against unfair trade practices and, thus, have the proper conditions for its recovery.
Tariff Reduction Scheme
For a complete list of the tariff items provided for in the decree, please refer to the following link: