On August 15, 2023, the President of Mexico signed a decree raising most Favored Nation tariffs on a wide range of imported products, including steel, aluminum, bamboo products, rubber, chemical products, oil, soap, paper, cardboard, ceramic products, glass, electrical equipment, Musical Instruments and furniture, effective August 16. The decree will increase import duties applicable to 392 tariff items. Almost all products in these tariff lines are now subject to the 25 percent import tariff, and only certain textiles will be subject to the 15 percent tariff. This change in import tariff rate came into effect on August 16, 2023 and will end on July 31, 2025.

Regarding the products with anti-dumping duties listed in the decree, stainless steel from China and Taiwan; cold-rolled plates from China and Korea; coated flat steel from China and Taiwan; Imports such as seam steel pipes will be affected by this tariff increase. The decree will affect trade relations and the flow of goods between Mexico and its non-free trade agreement trading partners. The most affected countries and regions include Brazil, China, Taiwan, South Korea and India. However, countries with which Mexico has a free trade agreement (FTA) are not affected by this decree. Since the tariff increase comes without warning, and the official language of Mexico's announcement is Spanish, Chinese companies that use Mexico as their export market and transfer investment destination country will be affected to a considerable extent.