Mexico Pushes Back Steel Duty Reduction Date
Mexico recently postponed a planned tariff reduction on certain imported steel products, the Hong Kong Trade Development Council reported July 11. The country had planned a series of staggered duty reductions for the steel goods starting June 30, but Mexico delayed one of the dates to June 1, 2023, the report said. On that date, Mexico will reduce duties on certain steel products from 15% to 10%. Other planned duty reductions are expected to continue on schedule, HKTDC said.
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Mexico said it postponed the first date due to global economic issues and the U.S.’s Section 232 tariffs, HKTDC said, which “ostensibly make Mexico ‘a vulnerable market for steel from countries without a trade agreement, without there being certainty to date regarding the conclusion of said measure.’”