FX.co ★ Mexico Imposes 156% tariff on Sugar Imports

Mexico introduced a new tariff on sugar imports this Tuesday in response to declining global prices and the potential glut in the local market, as detailed in the Official Gazette and covered by Reuters. Under this recent decree, signed by President Claudia Sheinbaum and announced on Monday night, a new levy of 156% per kilogram will now apply to all varieties of sugar, including beet sugar and syrups, while refined liquid sugar will be subject to a 210.44% tariff. Previously, imported sugar was subjected to duties ranging from $360 to $390 per ton. Carlos Blackaller, the head of Mexico's leading sugarcane producers organization, mentioned to Reuters that this tariff structure offers enhanced protection to domestic producers. He further noted that this move may lead to a "slightly higher price season" for the local market in the upcoming 2025/26 harvest, which is about to commence. Blackaller emphasized that the new tariffs effectively eliminate the chance of sugar imports into Mexico.