On August 15, 2023, the President of Mexico, Andres Manuel Lopez Obrador, published a Decree amending the Tariff Schedule of the General Import and Export Duties Law. The decree focuses on the implementation of temporary import duties ranging between 5% and 25% on goods classified in 392 tariff items covering steel, aluminum, bamboo, rubber, chemical products, oils, soap, paper, cardboard, ceramic products, glass, electrical material, musical instruments and furniture. These temporary duties are applicable as of August 16, 2023 and until July 31, 2025.
In addition, the decree eliminates the tariff reduction provided for in the decree published in the Federal Official Gazette on November 18, 2022, arguing that the textile and footwear sectors are facing a situation of vulnerability.
In order to prevent affecting the productive supply chains and to maintain the competitiveness of the most sensitive industrial sectors, in the transitory articles of the decree, the Ministry of Economy includes in the electric, electronic and automotive and auto parts sectors of the Sectoral Promotion Program (“PROSEC”) certain tariff items corresponding to the steel industry. The inclusion of these products in the PROSEC Program will grant duty reductions which will remain in force from August 16, 2023 and until July 31, 2025. The full text of this publication can be found here.