MEXICO CITY (Reuters) -Mexico will propose a bill to reform its tariffs model in a move it hopes will "correct" trade imbalances and bring in some additional 70 billion pesos ($3.76 billion) to state coffers, a top government official said on Tuesday.
Deputy Minister for Revenues Carlos Lerma told a press conference the economy ministry would submit a bill to Congress that would focus on trade imbalances in some sectors, such as automotives and manufacturing.
Lerma did not give details on how tariffs
might be adjusted.
"It is important to highlight that all this will come within the framework of the international treaties," he added.
Finance Minister Edgar Amador noted that the new tariff measures would apply to countries with which Mexico does not currently have trade agreements.
Mexico's top trade partner is the United States, with which it shares a free trade agreement with Canada. The bulk of its trade with the U.S. comes under this agreement and has been spared from a cascade of tariffs imposed by its northern neighbor.
The Trump administration has pressured countries in Latin America to limit their ties with economic rival China, which competes with the United States for influence in the region.
Mexico already imposes various tariffs on goods from China, including on cars, e-commerce, clothing, shoes and some manufactured goods.
($1 = 18.6350 Mexican pesos)
(Reporting by Ana Isabel Martinez and Adriana Barrera; Additional reporting by Sarah Morland and Brendan O'Boyle; Editing by Stephen Eisenhammer)
