Mexico could reciprocate with tariffs of its own if the US imposes tariffs on Mexican steel, according to several media reports.
Mexico’s economy minister, Ildefonso Guajardo Villarreal, said at a legal conference this week that it wasn’t “rational” for the US to impose duties on the Mexican steel, as Mexico is a top steel importer from its northern neighbor.
According to data from the International Trade Administration, Mexico is the world’s 11th largest steel importer, with 10.8 million mt imported in 2017.
While the Trump administration has excluded Mexico from a 25 percent import tariff until June, it remains unclear if the deal will be further renewed.
Villarreal also said the NAFTA negotiations may be extended for as late as early July, however, there is a chance a consensus may be reached by the end of this month.