The Mexican government has decided to renew a 15% safeguarding duty on imports of steel from countries with which it does not have free trade agreements.
The safeguard is expected to be signed this week, and it will be valid for another six months, according to the country's economy secretariat.
It will apply also on imports of products classified under 186 tariff codes, including slab, sheet, coil, cold-rolled sheet, hot-rolled sheet, wire rod, seamless tube, welded tube, coated sheet, rebar and sections.
"The steel sector is facing a global overcapacity problem," Ernesto Acevedo, Mexico's sub-secretary of trade and industry, said on Monday February 25.
The duty expired on January 31 and the country's steel association, Canacero, has since been demanding it be renewed.
The measure was first introduced in Oct ober 2015, and since then it has been renewed every six months.
The government also expects Mexico to be exempted from the United States' tariffs over steel and aluminium imports, following the Section 232 investigation.
"We will strengthen the negotiation with US authorities to exclude Mexico from Section 232 measures," Acevedo said.
source: fastmarket |