The chief economist of Citi, Julio Ruíz, set the bank's stance on the bill that will be voted on this week in Congress. The bill proposes to raise taxes on imports from countries without trade agreements with Mexico. The problem with the measure is that the products subject to tariffs are not differentiated between final or intermediate goods. In the current global context, he stated, it is important to assess what would happen if Mexico did not advance with these types of measures and ended up facing trade conflicts with the United States or even exiting the treaty. "That scenario would be much worse for the Mexican economy," he supported. The initiative was presented by President Claudia Sheinbaum along with the 2026 Economic Package in the context of negotiations with the United States regarding the review of USMCA. It proposes to modify the Tariff of the Law on General Import and Export Taxes (LIGIE) to raise tariffs up to 50% for 1,463 tariff headings of products from countries without trade agreements with Mexico, among which China stands out. "The effect of tariffs on inflation concerns me." But at the same time, having more expensive intermediate products can affect inflation and it is an effect that will not disappear so quickly, he assured. For Citi, this type of inflationary pressure is different from that generated by other tax adjustments such as IEPS, because it modifies the cost structure of companies. Deputies moderate the tariffs proposed by the Palace, but maintain the 50% for Chinese cars and steel. In terms of activity, the economist considered that the approval of the bill will not have a significant effect on growth. Towards the end, Ruíz pointed out that the analysis should not be made in absolute terms. "The increase in the price of final goods can boost local production."
