As Mexico decided to impose high tariffs on countries, including Korea, with which it does not have free trade agreements (FTAs), it signaled that details could be coordinated through negotiations.
Claudia Sheinbaum, the Mexican president, said at a regular news conference on the 12th (local time), "The tariff increase is not a coercive measure, nor is it aimed at any specific country," adding, "Korea wants to have tariff discussions with us."
She added, "With China, there will be talks between negotiating teams next week," and "It appears there will be discussions on the topic of the tariff policy we are planning."
On the 10th, Mexico said it had selected 1,463 items across 17 strategic sectors—including automobiles and auto parts, steel and aluminum, plastics, home appliances, textiles, and furniture—and would impose differentiated tariffs up to the maximum allowed within the bounds of World Trade Organization (WTO) rules.
These items are currently subject to tariff rates of 0% to 35%. Mexico plans to raise them to as high as 50%. The countries subject to the tariffs are those without FTAs with Mexico, including Korea, China, India, Indonesia, Russia, Thailand, and Türkiye. As Mexico is Korea's largest trading partner in Latin America, tariff increases on exports such as automobiles and steel could burden domestic corporations.
Korea and Mexico signed an investment protection agreement in 2000 and have continued FTA-related consultations since 2006, but related talks are not currently underway.