On October 7, 2015, the Ministry of Economy published in the Federal Official Gazette a Decree by means of which the Tariff Schedule of the General Import and Export Duties Law and the Decree which establishes diverse Sectoral Promotion Programs are amended (the "Decree").
By means of the publication of the Decree, the Mexican government temporarily increases the rate of duty applicable to 97 tariff items of Chapter 72 (iron and steel), that cover slab, plate sheet, rolled plate, cold rolled steel, hot-rolled steel and wire rod. The duty rate for such tariff items is increased to 15% for a 6-month (180 calendar days) period, and will become effective on October 8, 2015.
Additionally, as a result of the publication of the Decree, and in order to maintain the competitiveness of the electronic, electric, automotive and auto parts industries, diverse tariff items were included in the corresponding Sectoral Promotion Programs ("PROSEC").
The full text of the Decree can be found in the following link: