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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How will the tensions between the U.S. and China specifically impact Mexico’s trade strategies going forward?
**Interview with Mexican Economic Minister on U.S.-China Tensions and Trade Relations**
**Editor**: Thank you for joining us today, Minister. You recently highlighted the importance of the tension in economic relations between the U.S. and China. Can you elaborate on what this tension means for Mexico?
**Minister**: Thank you for having me. The current U.S.-China tension is indeed significant for Mexico, as it shapes not just global trade dynamics but also our own economic strategies. As we understand, the U.S. is our main economic partner. We are positioning ourselves to mitigate the potential fallout from this competition and to capitalize on any opportunities that may arise.
**Editor**: You’ve pointed out that Mexico has become one of the main exporters to the United States. How do you see this evolving in light of the tensions between these two superpowers?
**Minister**: Absolutely, our trade relationship with the U.S. has grown substantially in recent years. As companies look to diversify their supply chains away from China, we believe Mexico is well-positioned to fill that gap. We will continue to strengthen our export capabilities and align our industries with U.S. needs, ensuring that we remain a vital partner in North American trade.
**Editor**: What specific strategies will Mexico employ to navigate this impending conflict between Washington and Beijing?
**Minister**: We will focus on strengthening our trade agreements and enhancing logistical infrastructure to facilitate smoother exports to the U.S. Additionally, we plan to invest in sectors that can provide critical goods and services that the U.S. may look to source closer to home. This could include technology manufacturing, agriculture, and renewable energy.
**Editor**: Lastly, how do you foresee Mexico’s role in the larger geopolitical context as these tensions evolve?
**Minister**: Mexico aims to be a constructive player in this scenario. We recognize that our economies are intertwined, and while we cannot completely shield ourselves from external conflicts, we can bolster our own economic resilience. Our goal is to establish Mexico as a reliable ally for the U.S. as they navigate their relationship with China.
**Editor**: Thank you, Minister, for sharing your insights. It’s clear that Mexico is thoughtful in its approach to these complex economic dynamics.
**Minister**: Thank you for having me. I look forward to seeing how we can collaborate with our partners in these challenging times.
