At the beginning of the year, Claudia Sheinbaum's government imposed a 19% tax on imports via courier services from countries with which it does not have a free trade agreement, including China.

E-commerce giants Amazon.com and MercadoLibre will benefit from Mexico's plan to impose new tariffs on low-cost imports, ahead of Asian retailers such as Shein and Temu, according to an Itaú BBA research note released on Tuesday.

At the start of the year, Mexico imposed a 19% tax on imports via courier services from countries with which it does not have a free trade agreement, including China.

Imports from the United States and Canada, Mexico's partners in the USMCA regional trade agreement, are exempt for purchases valued at less than $50. Items between $50 and $117 from the United States and Canada are subject to a 17% tariff.

"The policy appears to be aimed primarily at Asian companies such as Shein and Temu, which previously benefited from exemptions on imports below $50," Itau BBA analysts wrote in a note sent to the media.

The measures come amid escalating trade tensions with U.S. President-elect Donald Trump, who campaigned on promises to impose tough tariffs on Mexico and Canada, among other countries, and doubled down on the threat Tuesday, announcing "very serious" tariffs on the two countries.

Trump has previously accused Mexico of being a backdoor for Chinese goods, which the Latin American country has denied. Still, Mexican authorities recently launched the so-called “Operation Cleanup” to seize contraband goods sent to the country from Asia.

According to the Itau BBA team, Amazon is the company that will gain the most from the changes, since around 30% of its products sold in Mexico come from the United States, while MercadoLibre imports around 15% from abroad, largely from China.

Although the tariffs will affect MercadoLibre products from the Asian nation, "the overall effect should be positive in net terms" due to reduced competition, the analysts wrote.