MEXICAN President Claudia Sheinbaum Pardo signed an act that immediately raises tariffs on apparel imports from countries including China to as high as 35 per cent, reports Greece's Container News.
The act will close INMEX to certain categories of textiles and apparel, challenging importers who had relied on these methods to reduce their exposure to US duties.
Since the 2017 start of the US-China trade war, Chinese imports to the US have fallen while Mexican imports increased. But at the same time, Chinese investment in and trade with Mexico surged.
And with Mexican tariffs usually lower than US duties, the USMCA facilitating low-barrier trade between Mexico and the US, and the INMEX programme allowing many imports destined for the US to enter Mexico duty-free, many of these Chinese imports were arriving in Mexico as a channel to the US market.
But now the government will also start enforcing stricter reporting requirements for B2C e-commerce imports.
In other recent trade war-related developments, Panama rejected President-elect Donald Trump's recent accusation that China exerts control over the Panama Canal.
Volume strength relative to last year, together with Red Sea-driven capacity reductions kept 2024 transatlantic container rates above the loss-making lows seen in 2023, with prices around the US$2,500/FEU level since October. said the report.
https://www.shippingazette.com/news?news_id=9250100000434
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