CANACERO noted in a statement that the tariff increase particularly affects Mexico's trading partners and the value chain in the region, while China and other Asian countries create unfair competition in the global market through subsidies and exchange rate interventions.
"Mexican steel does not pose a threat to the US market, on the contrary, the economies of the two countries complement each other. Moreover, the US market is completely open to Mexican exports."
CANACERO stated that the US imports about USD 4 billion worth of finished steel products from Mexico annually, and that this volume is expected to increase further by 2025. However, in April and May alone, Mexican steel exports to the United States decreased by 50%.
The organization added that they have confidence in the ongoing negotiations by the Mexican Ministry of Economy and are waiting for the necessary urgent measures to be taken.
On the other hand, CANACERO reminded that the Mexican steel sector accounts for 1.4% of the country's GDP and 6.9% of the manufacturing industry, emphasizing that the sector is one of the most sustainable steel sectors in the world thanks to its low emissions, energy and water use.
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