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 are the key strategies Mexico is adopting to enhance its trade relationships with the US amidst US-China tensions?
**Interview with the Mexican Minister of Economy: Navigating US-China Tensions**
*Interviewer: Thank you for joining us today, Minister. The geopolitical landscape is shifting, especially with the tensions between the US and China. In your recent comments, you mentioned that these tensions will be central to US strategy moving forward. Can you elaborate on how this affects Mexico?*
**Minister:** Thank you for having me. Absolutely, the ongoing tension between the US and China is a crucial factor for us. As you mentioned, the United States is our main economic partner, and being aware of this dynamic allows us to position ourselves strategically to navigate any resulting challenges.
*Interviewer: You also stated that Mexico has become one of the main exporters to the US. What specific strategies is Mexico implementing to capitalize on this shift?*
**Minister:** Indeed, with the current landscape, we aim to strengthen our trade relations with the US further. This means enhancing our supply chains, investing in technology, and ensuring that our goods meet the demands of our American partners. We’re also looking at diversifying our exports to reduce dependence on any single sector.
*Interviewer: You mentioned the possibility of mitigating conflicts and competition between Washington and Beijing. What steps is Mexico taking to ensure we don’t get caught in the middle?*
**Minister:** Our priority is to maintain a balanced approach. We are actively engaging in dialogues with both the US and China, advocating for open trade policies that benefit all parties involved. By focusing on our strengths and fostering good relations with the US while maintaining a pragmatic stance towards China, we hope to mitigate any negative fallout from their tensions.
*Interviewer: What do you see as the biggest challenge ahead for Mexico in navigating this complex relationship?*
**Minister:** The biggest challenge will be adapting quickly to changes in the geopolitical landscape. As tensions rise, there may be shifts in trade policies or economic priorities from both countries that we need to respond to effectively. Our goal is to remain adaptable, ensure our economy stays resilient, and continue to serve as a reliable partner to both nations.
*Interviewer: Thank you, Minister, for your insights. It’s clear that Mexico is working hard to navigate these complexities and strengthen its economic position in a challenging environment.*
**Minister:** Thank you for the opportunity to share our perspective. We are committed to fostering growth and maintaining strong economic ties with our partners.
