On June 5, 2018, the government of Mexico announced suspension of preferential tariff treatment under NAFTA for key U.S. products, including:
- certain steel products
- certain aluminum products
- some fans
- certain boats
- particular furniture items
- certain lighting articles
Depending upon the product, tariffs are now subject to 15%, 20%, or 25% duties. The U.S. recently imposed tariffs on imports of steel and aluminum products from trade partners around the globe, including Mexico. In retaliation, trade partners have hit back with counter tariffs on U.S. exports.
Many of these tariffs are effective immediately, but the complete Decree from Mexico’s government delineates additional details regarding product classifications, duties, and effective dates.
Deringer will continue to provide updates regarding tariff changes.