Today, China cautioned Mexico to “think twice” before increasing tariffs on Chinese imports, signaling Beijing’s potential readiness to retaliate.
Mexico’s Economic Ministry confirmed it will raise tariffs on imported automobiles from China and other Asian countries to 50%. Tariffs will also increase on textiles, steel, cars, and other goods, affecting $52 billion worth of imports.
In her morning press conference, Mexican President Claudia Sheinbaum said her government was not looking for a conflict with countries on which it plans to increase tariffs, including China. “What we want to is to be able to discuss things without the need to generate any conflict.”
The measures aim to boost Mexico’s economy, with Mexico’s automotive industry association, AMIA, welcoming the plan to increase tariffs. “As an industry, we believe that the measure ensures that any company participating in the Mexican market does so under fair conditions,” it said in a statement.
The measures were announced following the release of data indicating that China exported over 177,400 automobiles and light trucks to Mexico through the first eight months of this year, representing 29% of total imported vehicles.
Chinese Foreign Ministry spokesperson Lin Jian said he hoped the two nations could work together to resolve the trade dispute.
By CEO NA Editorial Staff
