Mexico to reimpose temporary tariffs on steel imports in 2022

Mexico outlined its plan to restore temporary 15% import tariffs on over 100 steel products starting in June 2022 and gradually disappearing by the end of 2024, Reuters reported Nov. 23, citing a presidential decree published in Mexico's Official Gazette.

In 2018, Mexico imposed duties in retaliation to former U.S. President Donald Trump's 25% tariffs on steel imports. The measure was suspended after the U.S. removed taxes on its trading partners.

Mexico reintroduced the tariff, as the local steel industry "requires a period of adjustment that allows it to resort to the necessary legal instruments against unfair trade practices," according to the decree.

The duty will only apply to countries that have no trade agreement with Mexico, a spokesman for Mexico's steel industry association CANACERO told Reuters.