Mexico imposes 50% tariff on India and other Asian countries

After the US, Mexico looks forward to putting tariffs on Asian Countries, including India, China, South Korea, Thailand and Indonesia. The restrictions are to take effect from next year. 

Mexico to put tariffs on Indian imports 

• Tariffs from the United States of America imposed by Donald Trump took the world by storm. It was weaponised to drive the execution of political aspirations, as per certain thinkers. Donald Trump said that Tariffs were implemented to encourage production and promote American goods, and money would flow into the United States. 

Mexico has approved tariffs of 5% to 50% on 1,400+ products from Asian countries like China and India that don’t have trade deals, with Chinese cars facing the top 50% rate starting next year.

The government expects roughly 52 billion pesos in extra revenue. pic.twitter.com/mw47ZK3tGP

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• Following the USA’s lead, Mexico has imposed as high as 50% on imports from Asian countries. Mexico is one of the countries that firmly supported free trade with fewer restrictions. Under the leadership of Claudia Sheinbaum, the stance has changed to a strict and more regulated form of trade. 
• Mexico’s Senate has approved the tariff that aims to raise duties on more than 1,400 products imported from other countries. Mexico aligned with a free-trade approach, which did not prioritise a formal trade agreement. The Mexican Senate passed the bill with 76 votes in favour, 35 abstentions and five against. 
• The Mexican government says tariffs are meant to protect the local manufacturer from imported goods. China is one of the top importers of Vehicles and machinery. They also address the trade imbalances and market distortions. Their policy also aligns against the import of cheap Asian goods, something the USA has been advocating for.

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