MEXICO CITY: Mexico's Economy Minister Marcelo Ebrard said on Thursday that the country will "see no change in the effective tariff that Mexico pays," after the U.S. government announced it would impose new tariffs of 10% and 12.5% on 60 trading partners as of Friday.
According to a senior Trump administration official, many goods will be exempted, including those that comply with the U.S.-Mexico-Canada Agreement (USMCA) on trade.
Ebrard, speaking in a video on social media, said the USMCA exemption means about 85% of Mexican exports to the United States will continue tariff-free.
Another 10% of goods are subject to Section 122 of the Trade Act of 1974, a measure that will expire on Friday.
The new duties, which will go into effect just as the prior tariffs expire, apply to the same 10% of goods, Ebrard added.
"One replaces the other, so tariff treatment is maintained," he said.
