Mexican tariffs affect the aluminium supply chain, driving up premiums
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Update time : 2024-05-09 17:01:43
Fernando Garcia Martinez, vice president of operations at Mexican aluminium institute IMEDAL, said that the entire light metal supply chain is being impacted, with premiums rising, including in the United States. Under a side agreement within the United States-Mexico-Canada Agreement (USMCA), imports from Mexico are exempt from Section 232 tariffs. However, Mexico must enhance its monitoring measures and trade data reporting under this agreement.
Recently, Mexico announced an increase in import duties on various goods, as outlined in a decree published on April 22. Among these goods, aluminium faces new tariffs ranging from 20 to 35 per cent. As per the reports shared by Fastmarkets, the document addresses situations where international trade practices disrupt fair market conditions, mainly affecting national industry sectors. Tariffs on other products, such as paper and steel, also see adjustments, ranging from 5 per cent to 50 per cent, to ensure stability and fairness within the market.
