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Mexico sets a 15% tariff on steel products

The Ministry of Economy set a 15% tariff on steel products imported from countries with which Mexico does not have free trade agreements.

First of all, on September 20, 2019, the Decree that modifies the Tariff of the General Import and Export Tax Law, the Decree by which is establishes the general import tax for the border region and the northern border strip, the Decree establishing various Sector Promotion Programs and the Decree for the Promotion of the Manufacturing Industry, Maquiladora and Export Services.

Thus, these changes had the objective of establishing a favorable environment that would allow the steel industry to adjust to the international economic context, encourage the domestic market and define a medium and long-term tariff policy.

For this, a temporary import tariff of 15% was specifically determined on 228 tariff fractions with a tariff reduction scheme that would end on August 22, 2024, which concluded with the dynamics of establishment and semiannual renewals imposed as a tariff measure for tariff items for steel products.

Steel products

Then, on July 1, 2020, the Decree issuing the General Import and Export Tax Law was published in the DOF, and various provisions of the Customs Law were amended and added, which established the Tariff rate applicable to the import and export of merchandise in national territory.

Subsequently, on December 24, 2020, the government of Mexico adjusted the classification of the goods indicated in the Decree published on September 20, 2019, and it was established that as of December 28, 2020 it would be repealed.

Derived from this latest publication and, in accordance with it, steel products are now classified in 112 tariff fractions, and the effective date of the measure was adjusted to extend it to September 30, 2024, in order that all measures on tariff issues they agree with the term of the current Administration.

 

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