Moody's: US tariffs hit Mexico and benefit China
Time:Tue, 29 Apr 2025 08:50:13 +0800
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According to the ratings agency Moody's Ratings, the 25% US tariffs on steel open an opportunity for the world's largest steel producer: China.
In a Moody's document, Mexico has already begun to lose share in the US steel market, while Chinese steel is finding an indirect route to enter the US market due to its cheaper price and lack of USMCA restrictions.
Mexican steel exports fell by 49% in 2024 compared to 2023, according to data from the new Mexican Steel Trade Monitor. For Mexico, the hit is even worse considering that more than 70% of Mexican steel was shipped to the US.
