Mexico Senate Approves Up To 50% Tariff On Indian, Asian Goods

• Mexico's Senate approved tariffs up to 50% on goods from India, China, South Korea, Thailand, and Indonesia, effective 2026.
• The new duties target products like auto, auto parts, textiles, plastics, and steel (up to 50%), and most other goods (up to 35%).
• Mexico anticipates $3.76 billion in revenue, aiming to strengthen US ties and protect domestic industries from low-priced Asian imports.
• The policy, passed by 76 votes, is considered Mexico's strictest trade measure recently, despite some opposition.
• In 2024, India-Mexico bilateral trade was $11.71 billion, with India holding a $6.25 billion surplus, largely from auto and pharma exports.

Why It Matters: Mexico's new tariffs will significantly impact India's exports and trade balance.