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LatinNews Daily - 12 October 2018

In brief: Mexico

* Mexico’s economy ministry (SE) has issued a statement saying that it will carefully analyse the announcement by Canada that it will impose an import tariff on a series of steel products, and that it will adopt any necessary countermeasures to protect Mexican steel exporters. The SE statement comes after the Canadian government announced that, from 25 October, it will be imposing a 25% import tariff on seven different steel products in a bid to protect Canadian steel producers from any attempt by international producers to flood the Canadian market following the US’s decision to impose a similar import tariff back in March. The SE statement laments Canada’s decision and notes that it may be in breach of the North American Free Trade Agreement (Nafta) as well as other international treaties signed by Canada. Consequently, the statement adds that “the Mexican government will take all the necessary actions to protect Mexican exporters in the short term, and will use all mechanisms available in the North American Free Trade Agreement and the World Trade Organization to exclude Mexico from [Canada’s] safeguarding measures”.

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