(Jan 1): Mexico will reimpose tariffs on several staple foods including beef, pork and milk in an attempt to favour local supplies, according to a decree from President Claudia Sheinbaum’s office.
The move underscores an ongoing shift away from decades of mostly free-trade polices pursued by previous Mexican governments.
The unspecified tariff rates will also be applied to paddy rice, beans, vegetable oils and sausages and go into effect on Jan 1, according to the decree published Wednesday in the official gazette. The decree is part of Sheinbaum’s “Plan Mexico” initiative to boost domestic industry and reduce imports.
The products had been exempted from Mexican import duties beginning in 2022, part of an anti-inflation programme to lower prices on a couple dozen popular foods.
The decision to revive the tariffs followed an analysis of recent inflationary pressures and the growth rate of imports from countries with which Mexico does not have a free trade agreement.
Many imported foods, such as poultry, fish, eggs, vegetables and fruit, will remain tariff-free, according to the decree.
See also: Thai central bank stresses policy must take medium-term view
Earlier this month, Mexican lawmakers approved a Sheinbaum-backed plan to impose new tariffs on Asian imports, broadly aligning with US efforts to tighten trade barriers against Chinese goods. Starting Jan 1, Mexico will impose levies of between 5% and 50% on more than 1,400 categories of products from Asian nations that don’t have a trade deal with Mexico.
The new decree includes transition periods for importers that signed contracts this year, allowing some of them to avoid tariffs up until early 2027.
Uploaded by Liza Shireen Koshy
