China’s Ministry of Commerce warned Mexico Thursday to “think twice” before implementing planned 50% tariffs on Asian-made vehicles, threatening countermeasures that could disrupt $52 billion worth of bilateral trade relations.
Beijing Issues Stern Warning Over Planned Vehicle Duties
The escalation follows Mexico’s announcement on Wednesday to increase duties on Asian vehicles, particularly Chinese imports, from the current 20% to 50% as part of broader federal budget proposals affecting Mexican imports, reported CNBC.
Mexican Auto Industry Stakes Rise
Mexico’s Secretary of Economy Marcelo Ebrard told reporters the increased tariffs require Congressional approval and would take effect 30 days after passage. The automotive sector employs more workers than any other industry in Mexico, according to Jorge Guajardo, former Mexican ambassador to China and Washington-based …