MEXICO CITY, April 23 (Reuters) - Recent actions taken by Mexico such as tariffs and traceability requirements implemented on steel imports should calm concerns from the United States, Economy Minister Raquel Buenrostro said on Tuesday.
WHY IT'S IMPORTANT
The Biden administration has been pressuring Mexico to prohibit China from selling its metal products to the U.S. through its southern neighbor.
The U.S. has said tariffs on steel from Mexico could be reinstated, with Mexico threatening to do the same.
CONTEXT
China has been accused of engaging in "dumping," or the trade practice in which it offloads inventory in other countries far below market price.
Mexico in recent months has rolled out tariffs targeting steel coming from China. This week it also published certificate of origin requirements for steel imports.
KEY QUOTE
"We instated ... the certificate of origin requirement so there's no issue with people thinking that Mexico is acting as a pit stop for steel," Buenrostro said.
"Now, we're facing fairer and more loyal trade conditions," she added.
BY THE NUMBERS
Chinese steel imports to Latin America reached a record high in 2023, according to steel association Alacero. Meanwhile, production from the region fell almost 4% year-over-year.
(Reporting by Kylie Madry and Adriana Barrera in Mexico City)
