The reform was approved in the Senate by 76 votes in favor, 5 against, and 35 abstentions. The Senate’s approval came just a few hours after the reform had been passed by Mexico’s Chamber of Deputies with 281 votes in favor, 24 against, and 149 abstentions.
The customs tariff reform was first introduced by Claudia Sheinbaum in September. The proposal envisaged increasing tariffs by up to 50% on certain product groups imported from countries that do not have a free trade agreement with Mexico, such as South Korea.
The products covered by the increase include a total of 17 strategic sectors, notably automotive parts, steel, aluminum, plastics, household appliances, and textiles. Under the final regulation approved by Congress, customs duties for most products will be set in the range of 20% to 35%, while for certain products the rates will vary between 5% and 50%.
The new regulation is aimed at protecting Mexico’s domestic industry and reducing dependence on imports, while the higher tariffs are expected to have a significant impact on trade balances, particularly in sectors such as steel and automotive.
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