Mexico is weighing plans to impose further trade restrictions on selected products from China and other countries while raising existing import taxes on others, according to four people familiar with the matter.
The so-called anti-dumping measures would deepen Mexico’s alignment with Washington as President Claudia Sheinbaum pursues a multi-year extension of the North American trade pact known as the USMCA, while also supporting her push to grow domestic manufacturing at a time of lacklustre investment at home.
Mexico’s economy and finance ministries are evaluating which products that are not currently covered by a bilateral trade deal might face new duties, and which could be subject to higher rates. Steel products and vehicles are among the leading candidates, according to one of the people.
There is currently no concrete plan or proposal to implement new tariff adjustments, the economy ministry said in a statement.
But the ministry, which oversees foreign trade, said it’s engaged in ongoing consultations with businesses that are similar to those that led to the design of a tariff package targeting Asian imports and implemented earlier this year.
It said it would continue case-by-case investigations into alleged dumping of imports below their production costs, which could lead to the imposition of new duties.