The Mexican Economy Secretariat announced that the temporary protective duties on steel products have been increased to 15%. Previously, 15% tariffs were in effect since September 2019, but this year it has been reduced to 10% in September. The Secretariat has decided to restore them to their previous levels to support the national metallurgical industry, which has suffered financial losses during the coronavirus outbreak.
The tariffs will apply to heading 112 of long and flat products, as well as pipes made of carbon, alloy and stainless steel. It is valid until 30 June 2022, after which it will be reduced to 10%.
In 2023, tariffs for most types of steel products will be reduced to 5%, and they are scheduled to be completely canceled as of October 1, 2024. After this period, some restrictions will remain on the import of only certain types of coated rolled products and pipes.
The taxes will not apply to countries with which Mexico has a free trade agreement.
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