403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Beijing urges Mexico to reconsider tariff hike proposal
(MENAFN) The Mexican Senate has passed a bill imposing tariffs of up to 50% on imports from China and several other Asian nations, prompting Beijing to urge Mexico to reconsider the move, according to reports.
The legislation, approved Wednesday and set to take effect on January 1, targets over 1,400 product categories, including automobiles, auto parts, textiles, apparel, steel, plastics, footwear, and home appliances. Countries without free trade agreements with Mexico, such as China, Thailand, India, South Korea, and Indonesia, will be directly affected.
Amid ongoing US trade pressures, Mexican President Claudia Sheinbaum defended the measure, asserting it was “taken to support domestic production.”
China’s Commerce Ministry called the tariff increases "unilateral and protectionist" and encouraged Mexico to reverse the decision, according to a statement released in Beijing. The ministry added that Beijing "consistently opposes unilateral tariff increases in any form."
"China attaches great importance to China-Mexico economic and trade relations," the statement said. "Against the backdrop of a complex and volatile international situation and the looming shadow of trade protectionism, China hopes that Mexico will work with China to strengthen communication and dialogue in the economic and trade field, properly manage differences."
The ministry further noted that to "safeguard the interests of relevant Chinese industries," it initiated a trade and investment barrier investigation against Mexico at the end of September, which is still ongoing.
According to data from the World Trade Organization, Mexico imported $129.79 billion worth of goods from China last year while exporting $9.08 billion, creating a total bilateral trade volume of roughly $138.87 billion.
The decision comes as US President Donald Trump threatened 5% tariffs on Mexican exports on December 8, citing a water-sharing dispute under the 1944 treaty and demanding Mexico release 200,000 acre-feet of water by year-end to alleviate shortages in Texas. The US remains Mexico’s largest trading partner, with annual trade totaling $334 billion.
The legislation, approved Wednesday and set to take effect on January 1, targets over 1,400 product categories, including automobiles, auto parts, textiles, apparel, steel, plastics, footwear, and home appliances. Countries without free trade agreements with Mexico, such as China, Thailand, India, South Korea, and Indonesia, will be directly affected.
Amid ongoing US trade pressures, Mexican President Claudia Sheinbaum defended the measure, asserting it was “taken to support domestic production.”
China’s Commerce Ministry called the tariff increases "unilateral and protectionist" and encouraged Mexico to reverse the decision, according to a statement released in Beijing. The ministry added that Beijing "consistently opposes unilateral tariff increases in any form."
"China attaches great importance to China-Mexico economic and trade relations," the statement said. "Against the backdrop of a complex and volatile international situation and the looming shadow of trade protectionism, China hopes that Mexico will work with China to strengthen communication and dialogue in the economic and trade field, properly manage differences."
The ministry further noted that to "safeguard the interests of relevant Chinese industries," it initiated a trade and investment barrier investigation against Mexico at the end of September, which is still ongoing.
According to data from the World Trade Organization, Mexico imported $129.79 billion worth of goods from China last year while exporting $9.08 billion, creating a total bilateral trade volume of roughly $138.87 billion.
The decision comes as US President Donald Trump threatened 5% tariffs on Mexican exports on December 8, citing a water-sharing dispute under the 1944 treaty and demanding Mexico release 200,000 acre-feet of water by year-end to alleviate shortages in Texas. The US remains Mexico’s largest trading partner, with annual trade totaling $334 billion.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment