Mexico city: Mexico is set to increase tariffs on imports from several Asian countries, including Thailand, following the approval of a bill by both houses of parliament. The move will see tariffs rise by as much as 50 percent on certain imported goods such as automobiles, auto parts, textiles, clothing, plastics, and steel from countries that lack trade agreements with Mexico, including China, India, South Korea, Indonesia, and Thailand.

According to Thai News Agency, the Senate passed the bill with 76 votes in favor, 5 against, and 35 abstentions, despite facing opposition from China and Mexican businesses. The House of Representatives had previously approved the bill. Most goods will face a maximum tariff of 35 percent. Analysts and the private sector believe that this decision aims to placate the United States in anticipation of the upcoming review of the US-Mexico-Canada trade agreement (USMCA) in July 2026. The government also hopes to generate an additional $3.76 billion (approximately 119.38 billion baht) in revenue next year to address the fiscal deficit.

Opposition senators have expressed concerns about the new tariffs. They argue that while the tariffs might protect domestic producers and jobs affected by Chinese imports, they could also increase the financial burden on Mexican consumers. Furthermore, questions remain about how the government plans to utilize the revenue generated from these tariffs.

According to Trading Economics, which uses data from United Nations COMTRADE, Mexico had a trade deficit of US$6.89 billion (approximately 218.75 billion baht) in 2024, with total imports amounting to US$625.87 billion (approximately 19.87 trillion baht). Imports from the United States comprised the largest portion at 42%, followed by China at 21%, and South Korea at 3.8%. Thailand represented 1.8% of Mexico’s imports.