Core Viewpoint - Mexico's Senate has approved a new tax law that will impose import tariffs ranging from 5% to 50% on goods from Asian countries such as India, China, South Korea, Thailand, and Indonesia, effective from 2026, covering at least 1,400 product categories [1] Group 1: Scope of Tariffs - The tariffs will affect a wide range of products including clothing, footwear, furniture, home appliances, toys, steel, plastics, automotive parts, aluminum products, motorcycles, leather goods, paper products, and cosmetics [3] Group 2: Reasons for the Tax Law - The law is driven by three main factors: ongoing political controversies, criticism from opposition parties regarding the rushed legislation and its potential to increase living costs for ordinary citizens, and the anticipated export pressures on India similar to those faced by China [4] - The Mexican government expects the new tariffs to generate an annual revenue of 70 billion pesos [4] Group 3: Objectives of the Tax Law - The law aims to protect domestic industries and combat cheap imports [5] - It seeks to reduce dependence on China and Asian markets [5] - The legislation is also a response to U.S. pressures in preparation for the USMCA review [5]