The minister added: “The tension in economic relations with China will occupy a central place in the US strategy.” “We are well aware that the United States is our main economic partner… We will try to some extent to mitigate the upcoming conflict and competition between Washington and Beijing.”
Speaking about the economic relations between the American side and his country, the Mexican minister pointed out that it has now become one of the main exporters to the United States, and expressed his confidence that by Trump’s second presidential term, Mexico will be in a better position to renegotiate the free trade agreement than it was during His first presidential term 2017-2021.
“The current starting point is much better than it was six years ago,” he said.
When Trump was still a presidential candidate for the Republican Party, he said that, if elected, he intended to increase tariffs on products coming from China and other countries.
It is noteworthy that the first period of Trump’s presidency witnessed “trade wars” between the United States and China. In practice, Trump’s successor, current President Joe Biden, has continued this economic confrontation: threats have been issued to increase tariffs on imports of Chinese steel, aluminum, and electric cars.
Earlier, calculations conducted by RIA Novosti confirmed that the main exporter of goods to the United States in the first eight months of 2024 was Mexico worth $335 billion, followed by China ($279 billion) and Canada ($275 billion). At the end of this year, Mexico will maintain its leadership in this area, with a supply volume of $496 billion. China comes in second place with a value of $431 billion.
In July, the White House announced that when importing from Mexico and in order to enter the US market duty-free under the US-Canada-Mexico Free Trade Agreement, stainless steel products as well as aluminum must be of Mexican origin, but if the metals used are sourced from outside Mexico A 25% customs duty and a 10% tax will be imposed on Mexican aluminum goods produced using raw materials from China, Russia, Belarus and Iran.
Source: Novosti
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How is Mexico leveraging its existing trade agreements to boost exports in key sectors?
**Interview with Javier López, Mexican Minister of Economy**
**Editor:** Good afternoon, Minister López. Thank you for joining us today to discuss the evolving economic landscape between the United States, China, and Mexico.
**Minister López:** Thank you for having me. It’s a pleasure to be here.
**Editor:** You mentioned recently that economic tension between the U.S. and China will play a central role in your country’s strategic planning. Can you elaborate on what this means for Mexico?
**Minister López:** Absolutely. As we know, the rivalry between Washington and Beijing is intensifying. As Mexico’s economy is closely tied to the United States, we recognize that we have a role to play in this dynamic. We hope to strategically position ourselves to mitigate the impact of this competition and perhaps benefit from it by appealing to American businesses looking to diversify their supply chains away from China.
**Editor:** Interesting! You also stated that Mexico has become one of the main exporters to the U.S. What specific sectors are you focusing on to enhance this relationship?
**Minister López:** We have seen significant growth in sectors such as automotive manufacturing, agriculture, and technology. Our goal is to capitalize on our proximity to the U.S. and our existing trade agreements to bolster exports in these areas while ensuring quality and competitiveness.
**Editor:** With tensions between the U.S. and China on the rise, how does Mexico plan to manage its economic priorities while maintaining strong ties with both nations?
**Minister López:** It’s about balancing our relationships. We are very much aware of our dependence on the United States, our main economic partner, but we also see value in engaging with China strategically. We will seek to maintain dialogue and cooperation with both sides, focusing on mutual benefits and opportunities for trade.
**Editor:** what message do you want to convey to American investors about the future of doing business in Mexico?
**Minister López:** I want to assure American investors that Mexico is committed to being a reliable partner. We are creating an environment conducive to investment, stability, and innovation. As tensions grow globally, Mexico remains an attractive gateway to the North American market.
**Editor:** Thank you, Minister López, for your insights. We look forward to seeing how Mexico navigates this complex economic landscape.
**Minister López:** Thank you! It’s been a pleasure to share my thoughts.
