Ecuador’s President Daniel Noboa announced on Monday that his administration will implement a substantial 27% tariff on imports from Mexico, a move aimed at fostering equitable treatment for domestic companies in Ecuador.
In a detailed statement shared on social media platform X, Noboa expressed his commitment to enhancing trade relations with various countries, including the possibility of negotiating a free trade agreement with Mexico.
However, he emphasized that such discussions would not progress in the presence of perceived exploitation and unfair practices.
Noboa’s administration is keen on establishing a more balanced trading environment, and this new tariff reflects a protective stance towards Ecuador’s economic interests.
This decision comes in the wake of a significant diplomatic rift between Ecuador and Mexico, which escalated last year when President Noboa ordered a controversial raid on the Mexican embassy to apprehend a former Ecuadorean vice president, leading to a complete severing of diplomatic ties.
As Ecuador approaches its first round of general elections scheduled for this Sunday, Noboa is actively campaigning to secure his re-election in what has become a pivotal moment for his political future.
In response to this tariff announcement, Mexico’s economy ministry, which is responsible for trade policy, has yet to issue an official statement or comment.
