The Mexico-based Institute for Industrial Development and Economic Growth (IDIC) has stated that it is necessary to continue with trade measures and that the 15 percent tariff on imports of steel products, announced by the Mexican economy ministry, should be increased to stop steel imports and create more jobs in Mexico.
According to an analysis made by the IDIC, the application of a 30 percent duty on imports of products of the basic metal industries would pay to mitigate the entry of steel from China and would not generate inflationary pressures but would help economic growth.
In late September last year, Mexico’s Ministry of Economy announced the imposition of a 15 percent tariff for imports of slab, cold rolled coil (CRC), hot rolled coil (HRC), heavy plate and wire rod, effective from October 8, 2015, valid for a period of six months.
The IDIC also stated that several meetings between the authorities and representatives of chambers of commerce in Mexico will be held this week to discuss the extension of the application of the 15 percent import tariff on steel, including the possibility of increasing it.