Economic system Secretary Marcelo Ebrard on Monday defended Mexico’s choice to impose new tariffs on imports from China and different Asian international locations, describing the transfer as a crucial step to guard a whole bunch of hundreds of home jobs moderately than a provocation to any buying and selling companion.
Affected imports span 17 sectors, together with textiles, footwear, metal, aluminium, plastics, vehicles, auto components and family home equipment, one thing officers argue will assist stabilise Mexico’s manufacturing base, which has come beneath stress from a rising inflow of cheaper Asian items.
In response to the Economic system Ministry, Mexico imports roughly ten occasions extra from its ten important Asian buying and selling companions, excluding Japan, than it exports to them. In 2024, imports totalled about US$227 billion, in contrast with exports of solely US$22 billion.
09:30
China’s ‘gold rush’ in Mexico: why are Chinese language corporations investing south of the Rio Grande?
China’s ‘gold rush’ in Mexico: why are Chinese language corporations investing south of the Rio Grande?
Addressing reporters at President Claudia Sheinbaum’s morning press convention, Ebrard pressured that the brand new tariffs weren’t politically motivated however moderately a defensive measure to make sure truthful competitors.