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In response to the imposition of U.S. tariffs, Mexico implemented retaliatory tariffs on around US$3 billion (MXN $58.6 billion) worth of U.S. goods. These Mexican tariffs, which went into effect on June 5, 2018, were imposed on U.S. steel, pork, cheese, whiskey, and apples, among other goods before being lifted on May 20, 2019. [10] [184] [71]
The United States–Mexico–Canada Agreement is based substantially on the North American Free Trade Agreement (NAFTA), which came into effect on January 1, 1994. The present agreement was the result of more than a year of negotiations including possible tariffs by the United States against Canada in addition to the possibility of separate bilateral deals instead.
Prosec is a tariff-reduction measure that avoids running into problems with NAFTA article 3 by allowing either foreign or domestic producers, irrespective of whether the finished good is intended for exportation or domestic sale, to petition the government for a reduction or elimination of a tariff rate.
A 2015 study found that Mexico's welfare increased by 1.31% as a result of the NAFTA tariff reductions and that Mexico's intra-bloc trade increased by 118%. [64] Inequality and poverty fell in the most globalization-affected regions of Mexico. [79] 2013 and 2015 studies showed that Mexican small farmers benefited more from NAFTA than large ...
In August 2014 the United States implemented a series of sugar tariffs on Mexican plantation owners in order to establish minimum prices on sugar. These tariffs were issued after U.S. sugar growers criticized the United States for allowing Mexican sugar growers to flood the United States market with a much cheaper supply of sugar. [1]
However, Mexican trade underwent a rapid increase since NAFTA was put into place, with exports increasing from 8.56 percent of Mexican GDP in 1993 to 36.95 percent in 2013. [6] This increase in exports led to a decrease in the Mexican trade deficit.
Free Trade Agreement between Mexico and the European Union (FTA EU-MX), is a trade agreement between the European Union and Mexico. It was signed on December 8, 1997, in the city of Brussels, under the designation "Agreement of Economic Partnership, Political Coordination and Cooperation between the United Mexican States and the European Community [1] and its members".
Second-tier Mexican sugar is a term in international trade referring to over-quota sugar exported by Mexico to the United States, subject to a North American Free Trade Agreement (NAFTA) tariff that declined 1.5¢/lb. for raw sugar, and 1.6¢/lb. for refined sugar, each year until it entered the United States without a tariff, effective January 1, 2008.