The Mexican government celebrated an exemption yesterday from the tariff sanctions imposed by Donald Trump. The exemption does not cover all exporters as the measures against the steel sector remain in force. Marcelo Ebrard, Secretary of Foreign Relations, announced that dialogues between both governments regarding steel and aluminum will resume next week.
As part of the agreement, it was specified that if the exemption is lifted, the Mexican steel sector would be affected by a 50% tax. On the other hand, the head of the Economy Ministry clarified that the exemption covers most of Mexico's foreign trade under the T-MEC rules. However, there are companies that are affected by relying on the most-favored-nation rules, such as the automotive sector.
Ebrard emphasized that Mexico will now be evaluated on trade issues like other nations, separating it from the issue of drug trafficking. The meeting between both governments is scheduled for March 12. Trump announced earlier this month a 25% tariff on steel and aluminum imports, including from Mexico.
In another area, Mercado Libre announced a $3.4 billion investment to strengthen its technological and financial ecosystem in Mexico, generating 10,000 new jobs. The Mexican government continues to advance with investment announcements to address the uncertainty created by U.S. trade policy. The measure will come into effect on March 12 amid the search for an agreement.
