Mexico’s government has announced a plan to reform its tariff structure, aiming to address trade imbalances and generate an estimated 70 billion pesos ($3.76 billion) in additional revenue, according to a Reuters report. Deputy Minister for Revenues Carlos Lerma stated that the economy ministry will submit a bill to Congress focused on sectors such as automotives and manufacturing.

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The proposed reforms will apply to countries with which Mexico does not have existing trade agreements, as noted by Finance Minister Edgar Amador. The new measures will operate within the framework of Mexico’s international treaties. Data from the IndexBox platform shows that Mexico’s trade dynamics with nations outside its free trade agreements, particularly in manufactured goods, have been a focal point for economic policy adjustments.

Mexico’s most significant trade relationship is with the United States, governed by a free trade agreement that includes Canada. This agreement has largely insulated bilateral trade from recent tariff measures. The administration of President Donald Trump of the United States has consistently urged Latin American nations to limit economic engagements with China, a key global competitor. Mexico already maintains tariffs on a range of Chinese imports, including automobiles, clothing, footwear, and various manufactured products.

Source: IndexBox Market Intelligence Platform