Ecuador has lifted tariffs previously imposed on goods imported from Mexico, Deputy Trade Minister Andres Robalino was quoted as saying by the Financial Times.
In early February, Ecuadorian President Daniel Noboa announced that his country would impose a 27% tariff on imports from Mexico, stating that these tariffs would remain in place until the two countries reached a free trade agreement.
The newspaper article read: "Noboa imposed a 27% tariff on Mexican imports in an apparent attempt to please US President Donald Trump. But Ecuador's Deputy Trade Minister Andrés Robalino told the Financial Times that the tariffs were lifted after consultations with economic experts."
However, the article did not specify when the decision to cancel the above fees was made.
Previously, Ecuador and Mexico were negotiating a free trade agreement, which was at an advanced stage, but in December 2022, the two sides suspended these negotiations.
Former Ecuadorian Foreign Trade Minister Julio José Prado told the news site Primicias that the negotiations failed due to a decision by former Mexican President Andrés Manuel López Obrador to deny tariff preferences to Ecuadorian bananas and shrimp imported to the Mexican market.
Last Wednesday, the US president signed an order imposing "reciprocal" tariffs on imports from other countries, with the base minimum tariff set at 10%, while most countries around the world will face higher rates.