Mexico Eyes US$3.7 Billion With Tariff Reform Targeting Trade Gap

The Mexican government will submit a tariff reform initiative to Congress seeking to address trade imbalances in key sectors, including automotive and manufacturing. The plan, which revises around 1,400 tariff classifications, forms part of the “Plan Mexico” strategy to boost domestic production and is expected to raise about US$3.7 billion (MX$70 billion)  in additional revenue.

Finance Minister Édgar Amador and Deputy Minister of Revenues Carlos Lerma outlined the measure while presenting the 2026 Economic Package. Lerma explained that the reform targets Mexico’s most sensitive industries, noting that it will focus on imports from countries without free trade agreements, particularly where local alternatives are limited.

“The aim is to close the trade deficit in goods where imports have outpaced exports at least twofold over the past year,” Lerma said. Amador stressed that tariffs were carefully calibrated to limit risks for consumers and to remain in line with Mexico’s World Trade Organization obligations under the “most-favored-nation” principle.

The review, described by Amador as “unprecedented in scope,” also delayed the economic package’s submission to Congress, which was delivered at 10:30 p.m.—just before the legal deadline.

Amador emphasized that the reform is not only about fiscal revenues but part of a broader agenda. “The motivation is Plan Mexico—strengthening domestic production and consumption. These tariff measures also connect to the ongoing trade dialogue with our partners in the United States and Canada,” he said.