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May 31, 2018
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May 31, 2018

Mexico retaliates against US for increasing import taxes

Posted: Thursday, May 31, 2018. 11:38 am CST.

Posted: Thursday, May 31, 2018. 8: 30 a.m. CST.

By BBN Staff:  In response to the United States Government imposing taxes on Mexican imports containing aluminum and steel, the Mexican government is imposing its own taxes on goods it imports from the US.

The Government of Mexico issued a statement this morning saying that it will impose taxes on items such as flat steel (hot and cold foil, including coated and various tubes), lamps, pork legs and shoulders, sausages and food preparations, apples, grapes, cranberries, various cheeses, among others, up to an amount comparable to the level of affectation.

“This measure will be in force until the US government eliminates the imposed taxes,” the Mexican government said.

Mexico emphasized that it is the main buyer of aluminum and the second of steel in from the United States; however, the increased taxes on products containing aluminum and steel is detrimental to the Mexican economy because the country exports a large volume of cars to the US.

The increased taxes, which began at the start of 2018, also affect Canada and the European Union, neither of which has made an official response as yet. Sources tell Breaking Belize News that Canada may be the next to respond.

If Mexican companies resell any of the products such as cheeses, meats, fruits or steel to companies in Belize, the increased import prices due to the new taxes from the Mexican government may mean that the prices for those items will go up in Belize as well.

BBN will continue to monitor and report if any such increase occurs.

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