Ecuador Slaps 27% Tariffs on Mexican Imports

Ecuador is making big moves in its trade relationship with Mexico. Starting Monday, a 27% tariff will be applied to all goods coming from Mexico. President Daniel Noboa shared the news, saying the move is meant to protect Ecuadorian producers and ensure they’re treated fairly.

In a post on social media, Noboa expressed openness to a free trade deal with Mexico—but only if there’s no “abuse.” Until then, the hefty tariff stands. Last year, Ecuador imported over $541 million worth of Mexican goods, with medications making up the largest share at 12.6%. Still, Ecuador is a tiny trading partner for Mexico, accounting for less than 0.1% of Mexico’s total exports.

This announcement follows recent tensions between the two countries. Earlier this year, Ecuador shocked the world by raiding the Mexican embassy in Quito to arrest Jorge Glas, a former vice president who had sought asylum there. The incident, captured on surveillance footage, showed Ecuadorian police clashing with Mexican diplomats, further straining diplomatic ties.

Noboa, who became Ecuador’s youngest president in late 2023, has taken a tough stance on crime and governance since taking office. His latest move with tariffs adds to his assertive agenda, which includes cracking down on criminal gangs.

As for Mexico, its economic ministry has yet to comment on the new tariffs. Meanwhile, international trade watchers will be keeping a close eye on how this decision impacts the already rocky relationship between the two nations.

Ecuador Slaps 27% Tariffs on Mexican Imports
https://www.99newz.com/posts/ecuador-tariffs-mexico-goods-4239
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99newz.com
Published at
2024-10-15
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CC BY-NC-SA 4.0