Sept. 16 (UPI) -- Mexico's government will shift its trade policy next year by raising tariffs on countries without free trade agreements, including China, India and South Korea. The move is aimed at reducing competitive disadvantages in key sectors and strengthening domestic production.
The plan covers 1,463 categories of goods, from vehicles and auto parts to steel, textiles, toys and furniture. Those products currently face import duties of 0% to 35%, but under the proposal they would be subject to rates of 10% to 50%, depending on the category.
In particular, imported light vehicles -- many from China -- would see duties rise from the current 15% to 20% to the maximum rate of 50%.
The initiative, part of the government's Plan Mexico 2026 economic package, drew immediate international reaction, particularly from Beijing, the most affected trading partner.
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