The Mexican government, has announced a proposal to raise import tariffs on products coming from countries with which Mexico has no free-trade agreements, particularly targeting goods from Asia; which measure is still pending congressional approval.

According to the mexican government, the initiative is part of the Protection Program for Mexico´s Strategic Industries, and aims to strengthen domestic industry, while reducing unfair competition from low-cost imports, framing it as part of a broader national strategy to boost industrial self-reliance.

SCOPE

• Increase tariffs up to 50% on 1,463 HTS codes, which includes a wide range of products including automobiles, textiles, steel, paper, glass, cosmetics, and motorcycles.
• Coverage of 19 strategic sectors.
• Impact on USD 52 billion in imports (8.6% of total national imports).

AFFECTED INDUSTRIES AND SECTORS

IMPACT TO CHINESE IMPORTS

China is one of the main affected countries by this proposal, given that chinese imports account for approximately 20% of Mexico’s total imports, including: vehicles, auto parts, steel, and textiles, among others.

Chinese-made vehicles, which have rapidly gained market share in Mexico, and account for around a fifth of new car sales in the country,  would face some of the highest tariff hikes. In regards to auto parts, China exported approximately US$7.2 billion worth of auto components to Mexico in 2024, representing nearly 7% of China’s total auto parts export.

Therefore, tariff increases of up to 50% could therefore sharply reduce the competitiveness of Chinese imports in Mexico.

China urges Mexico to think twice before establishing tariffs, and stating they could respond with retaliating measures. 

IMPACT FOR MEXICO

Experts estimate that tariffs will cause price increases of up to 80 percent on appliances, furniture, textiles, footwear, and other products.

EFFECTIVE DATE

The initiative establishes that the decree will enter into force 30 days after its publication in the Official Gazette of the Federation (DOF), which has not been published yet and will remain valid until December 31, 2026.

President Donald J. Trump has declared a national emergency to counter trade imbalances and economic vulnerabilities. His executive order enforces tariffs aimed at strengthening the U.S. economy and supporting domestic industries.

The plan includes  a 10% baseline tariff on all imports to the country effective April 5, with additional tariffs on several of its biggest trading partners, including:

• China: A 34% tariff on imports has been announced. China has stated that it will implement countermeasures if these tariffs are enforced.
• European Union: 20% tariffs. Furthermore, and before Liberation Day, the EU has countered U.S. tariffs on steel and aluminum with retaliatory tariffs on U.S. products like whiskey and motorcycles.
• India: 27% import tariffs. India faces higher export costs following the revocation of its special trade status while also imposing tariffs on U.S. goods.

In the graph below, you can find the list of proposed tariffs:

Source: https://www.reuters.com/markets/wealth/global-markets-tariffs-graphic-pix-2025-04-02/

Mexico’s Tariff Exemption

Despite new U.S. tariffs, Mexico and Canada remain exempt under the USMCA. Economy Minister Marcelo Ebrard emphasized that both countries enjoy a 0% tariff rate, distinguishing them from other trade partners.

President Claudia Sheinbaum credited this exemption to strong U.S.-Mexico relations, reinforcing Mexico’s diplomatic efforts. However, discussions continue on existing tariffs for key industries. Vehicles and auto parts now face a 25% tariff that is not compliant with the USMCA rules of origin, while aluminum and steel imports are taxed at the same rate.

This doesn’t mean entirely good news for Mexico, as vehicles and autoparts are the main exported finished goods, with its principal destination being the United States.  More than 80% of Mexico’s total exports go to the United States.

Furthermore, it is considered that around 50% of total exports are not considered as originating goods according to the provisions established in the USMCA.

Mexico’s government has stated that it aims to secure better terms while navigating global trade shifts.

Global Markets Response

• S. Stock Market: The Dow Jones Industrial Average plummeted over 1,200 points, marking one of its steepest declines in recent history. The Nasdaq fell by 5.1%, and the S&P 500 declined by 3.66%. Companies heavily reliant on global supply chains were particularly affected.[1]
• International Markets: European stock indexes experienced broad-based declines, with the UK’s FTSE 100, France’s CAC 40, and Germany’s DAX all falling by approximately 3%. Asian markets mirrored these losses, reflecting deep concerns over the potential global economic impact. [2]​​
• Currency and Commodities: According to several sources, commodities such as gold saw price increases, while oil and bitcoin prices declined, indicating heightened market uncertainty

The global economy is bracing for the impact of Trump’s “Liberation Day Tariffs.” While countries like Mexico seem to benefit from tariff exemptions, it still faces important tariffs, and others face disruptions. Nations will need to adapt quickly to minimize economic impact and navigate the growing protectionist landscape.

[2]​​ The Guardian & WSJ

[1] ​Business Insider

On March 4^th, 2025, a  25% tariff on all Mexican imports came into effect. This policy that has heightened economic tensions between the two nations, threatens key industries in Mexico, and could have widespread economic effects.

On March 6^th, 2025, President Trump stated that he will grant a one-month exemption from tariffs, for imports from Mexico that comply with the rules of the USMCA (U.S.-Mexico-Canada Agreement).

Which announcement came a day after informing a pause in vehicles tariffs, complying with USMCA, as request of General Motors, Ford and Stellantis, due to the impact on vehicles as shown above.

The above provides certain relief for Mexico, but uncertainty still remains, so lets navigate on how this tariffs could affect Mexico:

• Automotive Sector: Mexico’s vehicle production, a cornerstone of North American supply chains, faces major setbacks. As a leading exporter of cars and auto parts (exporting 3,479, 086 light vehicle units in 2024, out of which 79.7% went to United States)[1] . Therefore, the industry could experience reduced exports to the U.S., harming manufacturers and leading to higher prices for consumers. This policy can also affect suppliers if OEMs ask for extensive cost reduction.
• Electronics and Appliances Sector: Mexico’s role as a supplier of televisions, home appliances, and computer components is also at risk. On 2023, 88.8% of electronics were exported to United States. [2] Tariffs could raise costs, leading to decreased demand and financial strain on both producers and buyers.

In relation to the above, the main products imported by the U.S. from Mexico—which will be impacted by tariffs if T-MEC is not complied with—are shown in the following graph:

Source: Trading Economics, 2024.   https://tradingeconomics.com/united-states/imports/mexico

Economic Consequences

The tariffs pose a serious risk to Mexico’s economy. Experts predict that prolonged trade barriers could slow economic growth, increase unemployment, and limit investment opportunities. Companies that depend on U.S. trade may face difficulties in maintaining revenue and stability.

Mexico’s Response

After the imposing of tariffs on March 4^th, President Claudia Sheinbaum condemned the tariffs, labeling them as damaging to both economies. In response, Mexico she stated, is exploring retaliatory measures such as tariffs on U.S.goods and will announce the target products, tariff percentages, and other measures on Sunday at an event in the central square of Mexico City. The tariff exemption published today is described as the result of a conversation between President Donald Trump and President Claudia Sheinbaum. Furthermore, Sheinbaum’s administration is working to diversify trade relationships to minimize dependence on the United States by seeking stronger economic ties with Canada, Europe, and other global partners. In addition, financial aid programs are being considered to help the industries affected by these tariffs.

The new tariffs, if resumed to all imports after April 2^nd, could highly harm Mexico’s economy and manufacturing industry.  The outcome will depend on negotiations and countermeasures taken by both countries.
[1]INEGI, 2025. https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2025/rm_raiavl/rm_raiavl2025_01.pdf

[2] Secretaría de Economía. Datos México.

Understanding the Economic Effects of U.S. Tariffs on Mexican Steel and Aluminum

Under the administration of Donald Trump, the U.S. government announced the imposition of a 25% tariff on imported steel and 10% on imported aluminum, arguing economic and national security reasons under Section 232 of the Trade Expansion Act.

This measure has generated concern in Mexican industry, as it could significantly affect exports and the country’s economy. Mexican authorities are evaluating possible responses and strategies to mitigate the impact of these tariffs on the industrial and commercial sectors.

Impact on Mexico and the T-MEC

• Possible early renegotiation of the Mexico-US-Canada Agreement (T-MEC).
• Impact on key sectors such as the automotive, electronics, electrical and chemical-pharmaceutical industries.
• Reduction of Mexican exports to the U.S., since the U.S. is the largest destination for Mexican steel products.

Measures taken by the U.S.

• Elimination of previous agreements with Mexico, Canada, the EU, Japan, South Korea and others.
• Reinforced vigilance to prevent tariff evasion.
• Requirement of detailed certification of the origin of steel and aluminum.
• Non-renewal of tariff exemptions, which will expire on March 12, 2025.

Main Suppliers of Steel and Aluminum to the U.S. 

1. Canada ($12.984 billion dollars)
2. China ($12.476 billion dollars)
3. Mexico ($10.450 million dollars)
4. South Korea ($5.056 billion dollars)
5. Brazil ($4.982 billion dollars)

(Source: American Iron and Steel Institute, CNN)

Mexican Government’s Response

The Secretary of Economy, Marcelo Ebrard, announced that consultations will be initiated with the U.S. to reconsider the measure and seek trade alternatives.

In conclusion, these tariffs could significantly affect Mexican industry, causing a drop in competitiveness and possible trade retaliation, as discussions continue, Mexico may seek exemptions or alternative markets to mitigate these effects.

En la actualidad, las empresas certificadas en IMMEX e IVA e IEPS se enfrentan a cambios importantes en el panorama regulatorio del comercio exterior. Con las últimas modificaciones introducidas en la Segunda Resolución de Modificaciones a las Reglas de Carácter General en Materia de Comercio Exterior para 2024, publicada por la Secretaría de Hacienda y Crédito Público el 14  de octubre de 2024, las empresas se enfrentan a nuevos requisitos de cumplimiento, obligaciones más estrictas y un entorno regulatorio en constante evolución.
 

Obligaciones y Requisitos de las Empresas IMMEX

El programa IMMEX (Industria Manufacturera, Maquiladora y de Servicios de Exportación) promueve el sector exportador al otorgar incentivos fiscales a las empresas dedicadas a la fabricación y exportación de bienes. Para beneficiarse de este programa, las empresas deben cumplir con requisitos específicos y diversas obligaciones, entre las que se incluyen, entre otras:

• Mantenimiento de controles operativos y financieros: Las empresas certificadas IMMEX deben mantener registros y controles estrictos sobre las mercancías y materiales importados temporalmente para asegurar el cumplimiento de las regulaciones de comercio exterior.
• Mínimos de exportación: Las empresas IMMEX deben exportar al menos el 60% de su producción anual total para mantener sus beneficios bajo el programa.
• Sistemas de control de inventarios: Es obligatorio el seguimiento detallado de la importación temporal de materias primas y la exportación de productos terminados, lo cual debe realizarse en un sistema automatizado de control de inventarios de acuerdo a la normatividad aduanera mexicana (Anexo 24).
• Informes: Proporcionar informe anual de las operaciones de comercio exterior, entre otros informes.

Obligaciones y Requisitos para la Certificación del IVA y del IEPS

Las obligaciones para las empresas Certificadas en IVA e IEPS incluyen, entre otras.

• Pago de impuestos y contribuciones: Las empresas deben estar al corriente en el pago de todos los impuestos aplicables, incluyendo el IVA y el IEPS, ya que el incumplimiento puede resultar en sanciones o suspensión de los beneficios de la certificación.
• Notificación a autoridades fiscales : Notificar a la AGACE en caso de que se produzca algún cambio de: nombre, razón social, domicilio fiscal, alta o baja de instalaciones donde se realicen procesos productivos, socios, accionistas, clientes y proveedores, o se realice un cambio de prestadores de servicios de personal subcontratado.
• Exportaciones: Las empresas con Programa IMMEX y Certificación de IVA e IEPS, cuyo proceso implique la fabricación, transformación o reparación de mercancías, deberán retornar aquellas mercancías que hayan sido utilizadas en dichos procesos en al menos el 60% del valor total de las importaciones temporales de insumos realizadas durante el periodo señalado. Salvo las empresas que importen temporalmente o pretendan importar temporalmente mercancías de las fracciones arancelarias señaladas en el Anexo II del Decreto IMMEX y/o Anexo 28, deberán retornar al menos el 80% del valor total de las importaciones temporales de insumos realizadas en los últimos 12 meses.
• Informes: Para conservar la certificación del IVA y del IEPS, las empresas deben presentar al SAT informes detallados sobre sus importaciones y exportaciones, niveles de inventarios y pagos de impuestos, incluyendo inventario inicial y egresos (Anexo 31).

Cambios en la Segunda Resolución de Modificaciones a las Reglas de Carácter General de Comercio Exterior para el año 2024

Las recientes modificaciones a las Reglas Generales de Comercio Exterior introducidas en 2024 presentan nuevos desafíos tanto para las empresas certificadas IMMEX como para las certificadas IVA e IEPS. Estos son algunos de los cambios que las empresas deben tener en cuenta:

A. Cambios al Anexo 24

• Se adiciona el apartado C, que hace referencia a la información mínima que debe contener el sistema automatizado de control de inventarios de las empresas certificadas.
• El software de control de inventarios deberá recibir electrónicamente, en un plazo máximo de 48 horas, la información contenida en el apartado A del Anexo 24, correspondiente a la información mínima que deberá contener el sistema automatizado de control de inventarios, misma que deberá obtenerse electrónicamente del sistema corporativo. El resto de la información se recibirá al momento del pago del pedimento correspondiente.
• La empresa deberá otorgar a las autoridades acceso en línea al sistema en todo momento, para lo cual las empresas deberán otorgar el usuario y contraseña para el ingreso, mediante documento escrito libre presentado ante la oficina oficial de la Administración General de Auditoría del Comercio Exterior (AGACE).

B. Devolución de importaciones temporales

Para obtener el registro en el esquema de certificación de empresas, del impuesto al valor agregado (IVA) y del impuesto especial sobre producción y servicios (IEPS), las empresas que ya importan o planean importar temporalmente mercancías sensibles al amparo del programa de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (IMMEX) deberán devolver al menos el 80% del valor total de las importaciones temporales realizadas durante los últimos 12 meses.

C. Garantía del interés fiscal del IVA o IEPS mediante fianza o carta de crédito.

• Se actualiza el plazo requerido de la fianza o carta de crédito para la aplicación de la garantía individual o revolving a 30 meses (anteriormente era de 12 o 24 meses).
• Se añaden requisitos adicionales para la solicitud de aceptación de la garantía de interés fiscal, por ejemplo:
  1. – Contar con personal para realizar el proceso productivo o prestar el servicio.
  2. – Haber registrado ante el Servicio de Administración Tributaria (SAT) todos los domicilios en los que realicen actividades relacionadas con el programa de maquila o de exportación.

D. No estar suspendido en el registro de importadores, en el registro de importadores de sectores específicos ni en el registro sectorial de exportadores.

E. Nuevas sanciones por incumplimiento

Las reformas también introducen sanciones más estrictas para las empresas que no cumplan con las normas actualizadas de comercio exterior. El incumplimiento de los requisitos de presentación de informes, los controles de inventario inadecuados o el pago tardío de impuestos pueden dar lugar a multas, la suspensión temporal de los beneficios de la certificación o incluso la revocación de la certificación IMMEX y del IVA e IEPS.

Navegando por los desafíos futuros

Los cambios recientes en las regulaciones de comercio exterior en 2024 representan un mayor control para las empresas certificadas IMMEX e IVA e IEPS. Para seguir cumpliendo con las normas y minimizar las interrupciones, las empresas deben tomar medidas proactivas, entre ellas:

1. Confirmar que el software del Anexo 24 esté actualizado a las nuevas regulaciones para garantizar el cumplimiento y que facilite las auditorías internas
2. Mantenerse informado de los cambios regulatorios consultando con expertos legales y fiscales especialistas en leyes aduaneras y de comercio exterior mexicano.
3. Invertir en capacitación para los equipos de cumplimiento para garantizar que comprendan las últimas expectativas regulatorias y puedan implementar medidas de control efectivas.

Al comprender estos cambios y adaptarse a los requisitos mejorados, las empresas pueden mantener sus certificaciones, evitar sanciones y seguir prosperando en el sector exportador de México. Si busca asesoramiento y apoyo de expertos durante estos desafíos, ¡no dude en contactarnos!  Los servicios de comercio exterior de Mexcentrix pueden ayudarlo a ejecutar sus operaciones de manera eficiente, al mismo tiempo que reduce los riesgos y los costos.

On September 17, 2021, the Government of Mexico published the following in the Official Gazette of the Federation:
The “Agreement by which the entry into force of the TIPAT for the Republic of Peru is made known.” That the Treaty was approved by the Chamber of Senators of the Honorable Congress of the Union on April 24, two thousand and eighteen, according to a Decree published in the Official Gazette of the Federation on May 23 of the same year, and whose Promulgative Decree of November of two thousand and eighteen was published in the same official broadcasting organ on November 29 of the same year.
That the Treaty entered into force on December 30, two thousand and eighteen for Australia, Canada, the United Mexican States, Japan, New Zealand and the Republic of Singapore, and on January 14, two thousand and nineteen for the Socialist Republic of Vietnam; Agreement by which the diverse one by which the Applicable Rate of the General Import Tax for merchandise originating from the conformed region is disclosed.
The “Agreement by which the entry into force of the TIPAT for the Republic of Peru is made known.” and the Agreement that modifies the various by which the Applicable Rate of the General Import Tax is disclosed for merchandise originating in the region consisting of Mexico, Australia, Brunei, Canada, Chile, Japan, Malaysia, New Zealand , Peru, Singapore and Vietnam, which correspond to Australia, Canada, Japan, New Zealand and Singapore.

Click here to access the official publication in the Official Gazette of the Federation (DOF) for your consultation.

On August 27, 2021, the Ministry of the Economy, announced through various publications the export and import quotas for non-originating textile goods and clothing, susceptible to receiving preferential tariff treatment, in accordance with the Agreement between the United States of America, the United Mexican States and Canada, which was modified by various means published in the same official diffusion organ on March 5, 2021 (Agreement) and which aims to establish tariff preferences for textile goods and clothing not originating in the Treaty region between the United States of America, the United Mexican States and Canada (T-MEC) and that are exported to those countries.

The agreement was modified with the purpose of making more efficient the use of quotas to export cotton garments or artificial or synthetic fibers and wool garments and eliminate the established textile categories and promote the controlled use of the designated quantities of the Assignment Procedures to cover the commitments of exporters to the United States of America with the anticipation necessary to establish contracts and schedule their operations.

Therefore, in compliance with the provisions of the Foreign Trade Law, the provisions to which it refers were submitted to the consideration of the Foreign Trade Commission where the modification of the export and import quotas of textile goods and non-originating garments, susceptible to receive preferential tariff treatment, in accordance with the treaty between the United States of America, the United Mexican States and Canada.

The first paragraph of Point 1.1 is amended; the third paragraph of Point 1.4; Points 2.1.; 2.1.1;2.1.6; 2.2.1; 2.2.2; the first paragraph of Point 2.2.7; Point 2.2.9; the third paragraph to Point 2.3.1; Points 2.3.5; 2.3.6; 2.3.7 and 2.3.12; a first paragraph is added to Point 2.2.4; a last paragraph to Point 2.3.1 and a last paragraph to Point 2.3.2, and points 2.2.3 and 2.2.5 of the Agreement that disclose the export and import quotas for textile goods and clothing are repealed. non-originating clothing, susceptible to receive preferential tariff treatment, in accordance with the Agreement between the United States of America, the United Mexican States and Canada, published in the Official Gazette of the Federation on June 29, 2020.

Click here to access the official publication in the Official Gazette of the Federation (DOF) for your consultation.

On August 13, the Ministry of Economy announced the Promulgative Decree of the Protocol that Replaces the North American Free Trade Agreement with the Agreement between the United Mexican States, the United States of America and Canada, made in Buenos Aires on November 30, 2018; of the Protocol Modifying the Treaty between the United Mexican States, the United States of America and Canada, made in Mexico City on December 10, 2019; of six parallel agreements between the Government of the United Mexican States and the Government of the United States of America, which entered into force on July 1, 2020.

That Article 5.16.1 of the Agreement between the United Mexican States, the United States of America and Canada (T-MEC) establishes that the Parties must, for the entry into force of the same Agreement, adopt or maintain through their respective laws or regulations , Uniform Regulations regarding the interpretation, application and administration of Chapters 4 (Rules of Origin), 5 (Origin Procedures), 6 (Textile Goods and Clothing) and 7 (Customs Administration and Trade Facilitation) of the T- MEC, as well as other matters agreed by the Parties.

First of all, the T-MEC establishes that the Parties must, for the entry into force of the same Treaty, adopt or maintain, through their respective laws or regulations, Uniform Regulations regarding the interpretation, application and administration of the four corresponding chapters.

The T-MEC entered into force on July 1, 2020, modernizing and replacing the North American Free Trade Agreement (NAFTA).

Thus, the T-MEC maintains zero tariffs among the three countries that were in force under NAFTA.

This new agreement updates NAFTA in a number of key areas, including expanding the United States’ access to Canada for certain U.S. dairy, poultry and egg products and by establishing some of the most robust and advanced provisions on rights of intellectual property and trade in digital products.

Click here to access the official publication in the Official Gazette of the Federation (DOF) for your consultation.

On August 11, the Ministry of Economy announced through the Official Gazette of the Federation that the administrative commission of the free trade agreement between Mexico and Colombia agreed to grant a temporary dispensation for the use of certain materials produced or obtained outside the zone of free trade in the manufacture of certain textile and clothing goods, so that these goods can receive the preferential tariff treatment of the treaty.

This agreement is disclosed in decision No. 107 of the Administrative Commission of the Free Trade Agreement between the United Mexican States and the Republic of Colombia, adopted on July 9, 2021, said instrument will enter into force on August 12, 2021 and will conclude its validity on August 11, 2023.

The new products to which the Waiver will apply: certain textile goods classified in the subheadings of the Harmonized Commodity Description and Coding System: 6004.10, 6005.31, 6005.32, 6005.33, 6005.34, 6006.31, 6006.32, 6006.33, 6006.34, 6104.63, 6105.20, 6106.20, 6108.22, 6112.31, 6112.41, 6212.10, 6212.20, and 6212.90 totally elaborated in Colombia using the materials produced or obtained outside the free trade zone, classified, at the aancelarial fraction level in Colombia, in the fraction: 5402.31.00.00

The import tariff that Mexico will apply to the goods for which the exemption is granted, will be that corresponding to the original goods provided for in its tax relief schedule in Annex 1 to Article 3-04 of the treaty.

The certificate of origin will have to be filled out and signed by the exporter in this case, Colombia must indicate in the field of observations the following sentence: “the good complies with the provisions of decision No. 107 of the Administrative Commission of the Treaty and I use (amount (s)) kgs. of the exemption granted to (name of the material (s) used in the tariff section (s) _________. ”

Click here to access the official publication in the Official Gazette of the Federation (DOF) for your consultation.

On July 14, 2021, the “DECREE creating the National Customs Agency of Mexico (ANAM) as a decentralized administrative body of the Ministry of Finance and Public Credit was published in the Official Gazette of the Federation.”

ANAM will be the new tax and customs authority, in charge of organizing and directing customs and inspection services, to apply and ensure compliance with the legal provisions that regulate the entry and exit of goods from the national territory and the collection of taxes. and uses applicable to foreign trade operations.

In order to comply with the foregoing, ANAM will be endowed with technical, operational, administrative and management autonomy, and will have the following powers:

• Collect the contributions and benefits applicable to foreign trade operations and their accessories in accordance with the applicable legislation and in accordance with the international treaties to which Mexico is a party.

• Manage the registers of importers, importers of specific sectors and sectoral exporters;

• Represent the interest of the Federation in fiscal and customs disputes, related to the entry, transit or exit of merchandise from or in the national territory;

• Determine and settle the contributions and benefits applicable to foreign trade operations and their accessories;

• Monitor and ensure due compliance with tax and customs provisions related to the entry, transit or exit of goods from or into the national territory and, where appropriate, exercise the powers of verification provided for in said provisions; Y

• Direct customs and inspection services; carry out operations corresponding to the verification of the legal stay of goods in national territory and of goods in transport, including their verification of origin; seize or insure merchandise whose legal stay in the country is not proven and safeguard them as depositary.

It is important to mention that the aforementioned faculties are not the only ones that ANAM will have, however, they are the ones that we consider most relevant.

ANAM will be headed by a Holder, who will be freely appointed and removed by the President of the Republic, at the proposal of the Secretary of Finance and Public Credit.

Finally, it is important to mention that the Decree in question will enter into force as of the date on which the legal reforms that grant the jurisdiction that the Tax Administration Service currently has in tax and customs matters to ANAM begin.

Click here for the official publication in the Official Gazette of the Federation (DOF) for your consultation.

For more information about this release, please contact jfrocha@mexcentrix.com and / or paguirre@mexcentrix.com

This communication was created solely for disclosure purposes and, therefore, constitutes an opinion that may be used and / or quoted without our prior written authorization