Mexico announced the imposition of temporary tariffs on 544 imported goods, up to 50%

Mexican President Lopez signed a decree on the 22nd, targeting steel, aluminum, textiles, clothing, footwear, wood, plastics and their products, chemical products, paper and cardboard, ceramic products, glass and their manufactured products, electrical equipment, and transportation equipment Temporary import tariffs of 5% to 50% are levied on 544 items of goods, such as , musical instruments, and furniture.

The decree takes effect on April 23 and will be valid for two years.

According to the decree, textiles, clothing, footwear and other products will be subject to a temporary import tariff of 35%; round steel with a diameter less than 14 mm will be subject to a temporary import tariff of 50%

Gabriela Siller, director of economic analysis at BASE Financial Group in Mexico, believes that tariff measures may lead to increased inflationary pressure in Mexico, and “protectionism does not work anywhere.”