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Bloomberg Published December 20, 2024 Reading time
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Mexico hikes tariffs as much as 35% to support jobs in textiles

By
Bloomberg Published
December 20, 2024

Mexico has increased tariffs by as much as 35% on products that could impact its domestic textile industry, the Economy Minister said. 

The government of President Claudia Sheinbaum temporarily raised to 35% the tariffs on finished clothing products, and increased to 15% the import of textile merchandise, Economy Minister Marcelo Ebrard announced Thursday during a press conference with Sheinbaum. The increase will be in place until April 22 2026, according to the minister’s presentation. 

The decision exempts any countries with which Mexico has free trade agreements, like the US and Canada, and is not aimed at any country in particular, Ebrard said in response to a question about whether the policy sought to impact China specifically.