Mexico to raise duties on China and other Asian countries to 50% under pressure from the US

The Mexican government has announced an increase in duties on cars from China and a number of other Asian countries to 50% in order to protect jobs and Mexican industry. This was reported by the Ministry of Economy of the country, writes Reuters.

Mexican Economy Minister Marcelo Ebrarda noted that Chinese cars enter the country's market at prices lower than the "reference" prices, which creates unequal competition.

The tariffs will affect not only cars, but also steel, toys, motorcycles, and textiles. For these categories, duties will range from 10% to 50%. In total, the new tariffs will affect imports worth $52 billion, or 8.6% of all supplies to the country.

They are expected to protect about 325,000 jobs.

The increased duties will apply to countries with which Mexico has no free trade agreements. These are primarily China, South Korea, India, Indonesia, Russia, Thailand, and Turkey.

China has already responded to the decision, saying that it opposes restrictions under various pretexts and promises to protect its own interests.

Analysts believe that Mexico's move is aimed not only at protecting the industry but also at meeting Washington's demands. In recent years, the United States has been pressuring Latin American countries to reduce their economic ties with China.

• The United States and China could not conclude a deal over Beijing's refusal to buy oil from Russia. China's Foreign Ministry said that the country "will always ensure its energy security in a manner consistent with national interests" and warned that "pressure and coercion will not work."
• on August 5, US President Donald Trump said that he "very close to a deal" with China to extend the trade truce.
• august 12, the United States and China agreed to extend the trade truce for another 90 days to avoid a sharp increase in mutual duties.