As part of the 2026 budget draft to be announced next month, the Mexican administration is planning to raise import tariffs on goods including automobiles, textiles, and plastics. With this move, the government aims to protect domestic businesses from cheap imports and to meet the long-standing demand of U.S. President Donald Trump.
Sources close to officials who spoke to Bloomberg noted that imports from other Asian countries could also face higher tariffs. However, the sources stated that the exact rates of the tariffs have not yet been finalized and that the plan may change.
President Claudia Sheinbaum’s administration intends to submit the draft budget proposal to Congress by September 8. While the draft requires legislative approval, changes by lawmakers are expected to be limited, since Sheinbaum’s party and its allies hold a two-thirds majority in both chambers.
Ning Sun, senior emerging markets strategist at State Street Global Markets in Boston, said: “China’s exports to the Latin American region have risen significantly this year, helping to offset declines in the U.S. market. Mexico, in addition to pleasing the Americans, must also protect its own manufacturing base. It was expected that Mexico would align its economic and foreign policy with the United States.”
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