Mexican Economy Minister Ebrard: Mexico’s US auto exports to benefit from tariff discounts

Mexican Economy Minister Marcelo Ebrard said late Tuesday that cars assembled in Mexico and exported to the United States (US) will be levied an average tariff of 15%, not 25%, clarifying that they will avail additional discounts that local products benefit from.

“It’s a very big advantage compared to other countries that export to the United States. Of course, we would love it to be zero,” Ebrard added.

Market reaction

At the time of writing, USD/MXN is trading modestly flat on the day at 19.26.