Mexican Government Proposes Raising Tariff Caps on Imports of Key Goods from India, Russia, and South Korea

According to The Wall Street Journal, the Mexican government has included in its proposed 2026 federal budget a legislative measure to raise tariff caps on “imports of key goods from countries with which it does not have a trade agreement, as it seeks to strengthen domestic industry and replace imports from Asia.”

Countries with which Mexico currently lacks a free trade agreement include India, Russia, and South Korea. Mexico’s Finance Minister reportedly stated that the legislation is “also linked to ongoing and future trade discussions with the United States and Canada.”

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Source: Wall Street Journal