Mexican president, Andres Manuel Lopez Obrador, published this week a decree implementing a 15 percent import tariff over certain steel products. The decree excludes Canada and the US, as the two nations are part of the USMCA agreement.
The government decree sets a 15 percent import tariff on over 100 steel products, including HRC, CRC, rebar, U, I, L and T-shaped profiles, hot rolled pipes, drill pipes, galvanized steel, among others.
The 15 percent import tariff for these products will be imposed until June 29, 2022. The decree already took effect on November 23, 2021. The products subject to the 15 percent imports tariff fall under various HS codes, ranging from 7208.10.03, 7211.13.01, 7214.20.01, 7216.33.01, 7304.19.01, and 7306.30.04.
Additionally, the decree also established a 10 percent and a 5 percent steel import tariff for other products.
The decree said the 10 percent imports tariff for some other 93 steel products will commence on June 30, 2022, but should then decline to 5 percent on September 22, 2023, and will be finally revoked on October 1, 2024.
For another 15 steel products, the imports tariff will start at 10 percent, effectively on June 30, 2022, and will reduce to 5 percent on September 22, 2023. Then, it will be revoked on October 1, 2024.
The president said the imports tariff aim to protect Mexico’s steel industry against unfair trade.