- Mexico’s President Andres Manuel Lopez Obrador has issued a decree amending the Tariff Schedule of the General Import and Export Duties Law.
- The decree introduces temporary import duties ranging from 5% to 25% on goods classified in 392 tariff items, including steel, aluminum, bamboo, rubber, chemical products, oils, soap, paper, cardboard, ceramic products, glass, electrical material, musical instruments, and furniture.
- These duties are effective from August 16, 2023, until July 31, 2025.
- The decree also eliminates the tariff reduction provided for in the decree published on November 18, 2022, citing the vulnerability of the textile and footwear sectors.
- To maintain the competitiveness of sensitive industrial sectors, the Ministry of Economy has included certain tariff items corresponding to the steel industry in the electric, electronic, automotive, and auto parts sectors of the Sectoral Promotion Program (“PROSEC”), which will grant duty reductions effective from August 16, 2023, until July 31, 2025.
Source Baker
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