Mexico's Tariff Hike Threatens Indian Car Exports

Mexicos recent decision to hike tariffs on Indian car imports by up to fifty percent, from twenty percent, is expected to impact one billion dollars worth of shipments from major Indian exporters like Volkswagen and Hyundai. This move, led by President Claudia Sheinbaum, aims to protect local jobs and manufacturing in Mexico but has been met with concerns from local business groups about increased costs for consumers. The Indian auto industry, including Nissan and Maruti Suzuki, now faces a significant challenge to their export strategies. The Society of Indian Automobile Manufacturers has urged Indias Commerce Ministry to intervene, highlighting that Mexico is the third-largest export market for Indian automobiles. This situation reflects a broader trend of rising global tariffs and could complicate Indias efforts to position itself as a low-cost manufacturing alternative to China.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.