LatinNews Daily - 04 October 2018

Mexico’s national iron and steel chamber (Canacero) has warned that it faces a dire situation as result of the steel imports tariffs imposed by the US. In a statement Canacero said that the 25% tariff imposed by the Donald Trump administration in June has led to a 30% fall in steel exports to the US in May-August; and that despite the retaliatory measures adopted by the Mexican government, US steel exports to Mexico increased by 18% over the period. Canacero says that if the situation continues, steel production in Mexico could be significantly reduced. It also complained that the issue of the steel tariffs imposed by the US had not been resolved during the negotiations over the new US-Mexico-Canada Agreement (USMCA) trade deal that is set to replace the North American Free Trade Agreement (Nafta), as it had requested; and called on the Mexican government to find a solution to the dispute. Canacero’s statement comes after President Trump stated on 2 October that despite the striking of the USMCA, tariffs will remain in place for Mexican and Canadian steel imports until the three countries can agree on a quota system.

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