Mexico and the United States reached a deal on Monday to avert potentially steep duties on Mexican sugar imports to the United States, defusing a months-long dispute that threatened to escalate into a major trade war.
In the deal hammered out hours before U.S. regulators were going to slap penalties on Mexican imports, the U.S. Department of Commerce said that Mexican and U.S. officials and Mexican sugar exporters initialed a draft agreement that would suspend both anti-subsidy and anti-dumping duties on the goods, if adopted in full.
The deal included provisions that will prevent imports from being concentrated during certain times of the year, limit the amount of refined sugar that may enter the U.S. market and establish minimum price mechanisms to guard against undercutting or keeping U.S. prices artificially low, it said.
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