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Mexico Seeks Reduction of Automotive Tariffs from the U.S.
Mexico is negotiating with the United States to reduce tariffs on vehicle exports to less than 15% as part of the revisions to the USMCA. Currently, Mexican automotive exports face a 25% Section 232 tariff, which is significantly higher than the 15% tariff that countries like Japan, South Korea, and those in the EU pay. Undersecretary Luis Rosendo Guitierrez believes that achieving lower tariffs will give Mexico a competitive edge in the U.S. market, allowing it to gain market share over leading automakers. The Mexican government is prioritizing the reduction of tariffs affecting automobiles, steel, and aluminum production, and is currently modernizing its investment agreement with South Korea, aiming to double investment inflows.
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