The Mexican peso appreciated to about 17.48 per USD in late July, strengthening from 17.52 earlier in the month, as investors assessed Mexico’s trade position with the United States as comparatively favorable. This came after Washington announced new tariffs of 10% to 12.5% on imports from roughly 60 economies.
Under the new measures, Mexican imports that do not qualify for preferential treatment under the USMCA will face a 10% tariff. However, goods that meet the USMCA’s rules of origin will remain exempt, preserving Mexico’s preferential access to the US market. Existing exemptions also stay in place for products already covered by sector-specific tariffs, including automobiles, steel, aluminum, and pharmaceuticals.
Mexico was included among the countries subject to the minimum 10% tariff, while many economies without trade agreements with the US will face duties of 12.5%. This differential helps maintain Mexico’s competitive edge over several export competitors. The peso was further supported by a retreat in global energy prices.
