Mexico’s decision to extend hikes to its steel tariffs will have only a limited impact on Taiwan. That’s according to Yang Shu-mei, deputy head of the Bureau of Foreign Trade.
Taiwan has exported US$200 million worth of steel products to Mexico in the past two years. In October last year, Mexico raised tariffs on 97 types of steel products, including steel plates, steel coils, and steel wire. Tariffs increased from between 7-10% to 15%. The country has since announced that it will be extending these tariffs for 180 days past their original end date.
On Friday, Yang said that these tariffs are protective measures, designed to boost Mexico’s own steel producers. She said that the tariffs are not directly specifically against any country. She also said that Taiwanese steelmakers have not raised any objections to the tariffs.
Yang said that Mexico’s electrical and electronics industries and Mexico’s automotive industry need imported steel. She said that the tariffs do not cover steel products destined for use in these industries.