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 come 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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What strategies is Mexico implementing to strengthen its economic ties with the U.S. in response to global market shifts?
**Interviewer:** Thank you for joining us today. As we reflect on the evolving landscape of international trade, especially concerning the tensions between the U.S. and China, can you elaborate on how these dynamics are influencing Mexico’s economic strategy?
**Guest:** Absolutely, and thank you for having me. The current tensions in economic relations between the U.S. and China are certainly shaping our approach. We recognize that the U.S. is our primary economic partner, and as such, we are striving to position ourselves as a stable and reliable ally amidst this competition.
**Interviewer:** How is Mexico working to mitigate the impacts of this conflict between Washington and Beijing?
**Guest:** We are actively engaging in discussions with both sides to ensure that we can navigate the challenges effectively. By enhancing our export capabilities and creating a more favorable business environment, we aim to attract even more U.S. investments, which would help offset any adverse effects stemming from U.S.-China tensions.
**Interviewer:** Given Mexico’s growing role as an exporter to the United States, what specific strategies are being implemented to bolster this relationship?
**Guest:** Our government is focused on strengthening the manufacturing sector, fostering innovation, and investing in infrastructure. We’re also working on trade agreements and policies that align with U.S. interests, ensuring that Mexican goods remain competitive and appealing to American consumers.
**Interviewer:** Lastly, how do you see the future of U.S.-Mexico economic relations unfolding, particularly in light of these tensions?
**Guest:** I believe that while the U.S.-China competition may create challenges, it also opens a significant opportunity for Mexico. If we can cultivate our relationship with the U.S. while remaining a strong trading partner, we can contribute positively to regional stability and economic growth. Our goal is to reinforce our position as a key player in North American trade and to promote economic resilience.
**Interviewer:** Thank you for your insights. It’s clear that Mexico is keenly aware of the shifting economic landscape and is ready to adapt to these changes.
**Guest:** Thank you for having me. It’s an important conversation, and I’m optimistic about the future of our economic partnerships.