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 is Mexico positioning itself to become a viable alternative to China for American imports?
**Interview with Mexican Economic Minister on US-China Relations**
**Interviewer:** Thank you for joining us today, Minister. With the recent developments in US-China economic relations, what does this mean for Mexico as a key player in these dynamics?
**Minister:** Thank you for having me. As I mentioned earlier, the tension between the US and China is indeed a focal point in the American economic strategy. We recognize that the United States is our primary economic partner, and given the current landscape, Mexico has a significant role to play.
**Interviewer:** You mentioned the importance of mitigating conflict between Washington and Beijing. Can you elaborate on how Mexico plans to navigate this situation?
**Minister:** Certainly. Our strategy will involve enhancing our own trade relations with the US, ensuring that we strengthen our position as an alternative to China for American imports. We are working on creating more favorable conditions for US businesses to invest in Mexico, which will allow us to absorb some of the economic shocks resulting from US-China tensions.
**Interviewer:** You emphasized Mexico’s role as one of the main exporters to the United States. Can you share some statistics or specific sectors that are driving this trade relationship?
**Minister:** Absolutely. In recent years, we have seen substantial growth in sectors like automotive, electronics, and agriculture. For instance, we’re now among the top five suppliers to the US market in these categories. This growth is critical, as it not only strengthens our economy but also supports job creation in both nations.
**Interviewer:** With this backdrop, how do you foresee the future of economic relations between Mexico and the United States?
**Minister:** I believe we are on the brink of a new era of cooperation. As the US seeks to diversify its supply chains away from China, Mexico stands to benefit significantly. Our goal is to transform potential competition into a collaborative effort, enhancing North American trade overall.
**Interviewer:** Thank you, Minister, for providing these insights. It’s clear that Mexico plays a crucial role in this evolving economic landscape.
**Minister:** Thank you for having me. It’s vital that we continue these discussions as we navigate through these complex times.
