Mexico Announces Up To 50% Tariffs On India, China And Other Asian Countries — Details Inside

The tariff approval by Mexico, which Reuters reported first on Wednesday, on Asian imports is expected to hit the Indian automakers the most as Mexico, is India's third-largest car export market after South Africa and Saudi Arabia.

Mexico’s Senate has approved a new tariff regime that raises duties, in some cases up to 50 per cent, on more than 1,400 products imported from countries that do not have a formal trade agreement with Mexico, Reuters reported.

Indian car exporters: Mexico's decision to raise tariffs as high as 50 per cent is expected to impact $1.8 billion (roughly ₹14,940 crore) worth of shipments from major Indian car exporters, including Volkswagen and Hyundai.